IFFCO-Tokio, a subsidiary of fertilizer giant IFFCO has entered into a strategic partnership with Kerala-based ESAF Small Finance BanK, a scheduled bank last week. The partnership is aimed at enabling customers to protect their assets and health, tweeted IFFCO MD Dr U S Awasthi.
In his tweet Awasthi wrote “Glad to share that @IFFCO__TOKIO #IFFCO Tokio General Insurance Company has entered into a strategic partnership with Kerala-based ESAF Small Finance Bank (ESAF SFB), a scheduled bank. It will enable customers for their financial protection products for their assets and #health.”
RBI granted license to ESAF Bank in 2016, though as Micro finance company the organization has been active since 1992 in the backwaters of Thrissur.
One of the stated visions of ESAF Bank is to provide responsive banking services to the underserved and un-served households in India facilitated by customer-centric products, high quality service and innovative technology. It claims that the success of Grameen bank in Bangladesh reinforced the vision of K. Paul Thomas, the Founder and Managing Director of ESAF.
IFFCO Tokio which had posted a 34 per cent rise in premium collection announced recently, is a joint venture between fertilizer cooperative IFFCO and Japan-based Tokio Marine Group.