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Thrissur-based ESAF Microfinance has been conferred status of a ‘Non-Banking Finance Company - Microfinance Institution.’ Referred to as NBFC-MFI in industry parlance, the Reserve Bank recognition entitles a microfinance company to receive priority sector lending from banks. It also allows it easier access to funds apart from extending better negotiation power in terms of fixing cost for borrowing. The re-classification has been made effective from Tuesday, said K Paul Thomas, Chairman and Managing Director, ESAF. The microfinance firm currently has net owned funds of Rs 70 crore. Cumulative loan disbursements stand at Rs 2,591 crore. Based at Thrissur in Kerala, ESAF operates across five States.
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