ESAF Small Finance Bank on Monday said it has received the Reserve Bank of India (RBI) approval for NRI operations.
The Thrissur (Kerala)-headquartered bank, in a statement, said small finance banks who are authorised as dealer category II are permitted to open and maintain non-resident rupee accounts. The bank will be able to provide services of NRE (rupee) savings bank and term deposit accounts and buying and selling of foreign currencies.
ESAF Small Finance Bank was one among the ten non-banking finance companies to receive an 'in principle' approval from the RBI to set up a small finance bank in the private sector. In November 2016, the final licence was issued by the RBI. ESAF Small Finance Bank was incorporated on May 5, 2016.