In 2017, ESAF Microfinance, a non-banking finance company and microfinance institution, transformed into a small finance bank. It focuses on expanding the banking horizon to new unbanked/underbanked areas, yet it stands as a bank for all with a presence in urban, semi-urban, rural, and rural unbanked areas.
ESAF has adopted a unique social business strategy, with a triple bottom line approach, emphasizing People, Planet, and Prosperity. For every rupee invested in ESAF, studies by international agencies revealed that the Social Return on Investment stood at Rs. 3.19.
ESAF is committed to fostering a positive impact in society and the community. Its services are designed to effectively promote financial inclusion throughout the community
Latest News on ESAF Bank
India’s Microfinance Sector Contracts to a 4-Year Low as Lenders Exercise Increased Caution
The Indian microfinance sector has experienced a significant decline in its loan portfolio, reaching its lowest point in four years at ₹3.40 lakh crore as of November 2024. This contraction is a result of lenders’ deliberate efforts to minimize asset quality risks, which has led to a decrease in overall loans despite increased disbursals. The sector’s decline, which began in April 2024, reflects the cautious approach of financial institutions operating in this segment.
Despite the downturn, there are signs of an emerging recovery. Some small finance banks, such as ESAF, Equitas, and Ujjivan, have reported sequential growth in their micro loan portfolios in the December quarter, breaking a period of stagnation. CreditAccess Grameen, the largest NBFC-MFI, also saw an increase in its gross loan portfolio. Additionally, Federal Bank’s managing director noted that slippages peaked in May and have declined monthly since then, indicating improving asset quality.
However, the sector still faces challenges, particularly among small and mid-sized NBFC-MFIs, which struggle with access to funding. Larger players, on the other hand, have more stable funding positions, enabling them to plan for disbursement increases in the next fiscal year. India Ratings & Research has upgraded the sector’s outlook to neutral from deteriorating, projecting a stable rating for FY27. The agency believes that the sector has largely navigated the significant headwinds faced in FY25-FY26, with borrower overleverage and asset quality concerns diminishing.
Looking ahead, the sector is expected to focus on individual and non-MFI loans, as well as scaling up credit-guarantee backed disbursements to bolster risk buffers. This sets the stage for a recovery year in FY27, with lenders expected to adopt more aggressive growth strategies. Overall, while the Indian microfinance sector is still facing challenges, there are indications of a potential turnaround, driven by improving asset quality and a more stable funding environment. A broad-based sector recovery is anticipated from March 2026, with larger players leading the way.
Mission accomplished: ESAF in Mollis concludes on a high note with a successful outcome
The recent Swiss Wrestling and Alpine Festival (ESAF) held in Mollis, Switzerland, has concluded with a positive financial result, marking a significant improvement from the previous event in 2022. The festival, which took place from August 29 to 31, attracted over half a million guests and ended with Armon Orlik being crowned the wrestling champion. According to the organizers, the event’s income was sufficient to not only break even but also to compensate the helpers with a higher payment of 25 francs per hour, instead of the budgeted 8 francs.
The organizing committee did not disclose the exact amount of profit, but it is estimated to be substantial, likely exceeding two million francs. This is a significant turnaround from the previous event in Pratteln, which ended with a loss of 3.8 million francs. The success of this year’s event can be attributed to the high attendance and the organizers’ ability to manage the budget effectively, despite having to increase it by several million due to additional requirements imposed by the authorities.
The festival’s helpers, who worked a total of 120,000 volunteer hours, benefited from the additional payment, with 190 organizing committee members and around 9,000 helpers receiving the increased compensation. The event’s budget had to be increased due to various factors, but the organizers were able to manage the finances effectively, resulting in a positive outcome.
The ESAF is a significant event in Switzerland, held every three years, and its success is a testament to the country’s rich cultural heritage and tradition of wrestling and alpine sports. The event’s conclusion with a positive financial result is a welcome relief, especially after the previous event’s significant loss. The organizers’ ability to manage the budget and compensate the helpers fairly has been praised, and the event’s success is expected to have a positive impact on the local community and the sport as a whole. Overall, the ESAF in Mollis has been a resounding success, and its positive financial result is a testament to the organizers’ hard work and dedication.
Fortum and Skavsta Airport Ink Preliminary Agreement to Investigate Hydrogen and eSAF Production Opportunities
Fortum, a Finnish energy company, and Skavsta, a Swedish airport operator, have signed a Letter of Intent (LOI) to explore the production and utilization of hydrogen and eSAF (electrically produced Synthetic Alternative Fuels) in the aviation and transportation sectors. The partnership aims to reduce greenhouse gas emissions and promote sustainable energy solutions.
The LOI outlines the intention of the two companies to collaborate on the development of a hydrogen and eSAF production facility at Skavsta Airport in Sweden. The facility would utilize renewable energy sources, such as wind or solar power, to produce hydrogen through electrolysis. The hydrogen would then be used to produce eSAF, a synthetic fuel that can be used as a direct replacement for fossil fuels in aircraft and other vehicles.
The partnership is expected to have a significant impact on reducing greenhouse gas emissions in the aviation sector. The production of eSAF would reduce the carbon footprint of air travel, while also providing a sustainable alternative to fossil fuels. Additionally, the use of hydrogen as a fuel source would also reduce emissions from ground transportation, such as buses and trucks.
The collaboration between Fortum and Skavsta is also expected to promote the development of a hydrogen economy in the region. The production of hydrogen and eSAF would create new opportunities for job creation and economic growth, while also contributing to a reduction in greenhouse gas emissions.
The LOI is a significant step towards the development of a sustainable energy solution for the aviation and transportation sectors. The partnership between Fortum and Skavsta demonstrates the commitment of both companies to reducing their environmental impact and promoting sustainable energy solutions. The production of hydrogen and eSAF has the potential to play a significant role in reducing greenhouse gas emissions and promoting a low-carbon economy.
The next steps in the partnership will involve conducting feasibility studies and assessing the technical and economic viability of the project. The companies will also work together to secure funding and regulatory approvals necessary to move the project forward. With the signing of the LOI, Fortum and Skavsta have taken an important step towards creating a more sustainable future for the aviation and transportation sectors.
Karthikeyan Manickam takes over as Chairman of ESAF Small Finance Bank
ESAF Small Finance Bank has appointed Karthikeyan Manickam as its new Chairman. With over 36 years of experience in public sector banking, Karthikeyan brings a wealth of expertise to the role. He previously served as Executive Director of Bank of India, where he was part of the top management team and played a key role in shaping policies and strategies across various portfolios. His areas of expertise include banking operations, risk management, regulatory compliance, human resources management, and financial inclusion.
As Chairman of ESAF Small Finance Bank, Karthikeyan will provide strategic guidance and independent oversight to the Board. His primary focus will be on promoting inclusive banking, improving asset quality, ensuring regulatory compliance, and driving sustainable growth. He will also prioritize delivering high standards of customer service, which will help to reinforce stakeholder confidence in the Bank.
Karthikeyan’s experience in public sector banking is extensive, having held senior leadership positions at Indian Bank and served on the boards of several other financial institutions, including Tamil Nadu Grama Bank and BOI STAR Investment Managers Pvt. Ltd. He was also the Chairman of Star Union Dai-ichi Life Insurance Company Limited (SUD Life). His expertise in risk management, credit monitoring, and recovery will be particularly valuable to ESAF Small Finance Bank as it navigates an increasingly dynamic financial environment.
The appointment of Karthikeyan as Chairman is expected to support the Bank’s continued growth and development. His leadership will help to drive the Bank’s mission of promoting financial inclusion and delivering high-quality customer service. With his extensive experience and expertise, Karthikeyan is well-positioned to guide the Bank towards achieving its strategic objectives and reinforcing its position in the financial services sector. Overall, the appointment of Karthikeyan as Chairman of ESAF Small Finance Bank is a significant development that is expected to have a positive impact on the Bank’s future growth and success.
Topsoe and Carbon Neutral Fuels collaborate to drive development of sustainable aviation fuel (eSAF) through innovative technological solutions.
Topsoe, a Danish electrolyser firm, has partnered with UK-based Carbon Neutral Fuels to advance the production of sustainable synthetic aviation fuel (eSAF) using solid oxide electrolyser cell (SOEC) technology. The partnership will see Topsoe deliver 120MW of green power to Carbon Neutral Fuels’ Project Starling in Workington, UK, marking the first commercial application of Topsoe’s SOEC technology for eSAF production. The plant is expected to produce 25,000 metric tonnes of e-SAF per year, with construction planned for 2028 and operations expected to begin in 2031, pending a final investment decision.
The project was awarded the largest e-fuels grant from the UK Government’s third Advanced Fuels Fund in July 2025. The partnership aims to reduce lifecycle emissions by 89% compared to fossil jet fuel, making a significant contribution to the UK’s climate targets. The electrolyser stacks for the project will be delivered from Topsoe’s SOEC manufacturing facility in Denmark, with first deliveries expected in 2028.
The Starling project is currently in the Front-End Engineering Design (FEED) stage, and once operational, it will be a significant step towards decarbonizing the aviation industry. The project’s success is also expected to pave the way for the development of a commercial-scale eSAF market. The UK government has confirmed that its revenue certainty mechanism for SAF will be funded through a levy on aviation fuel suppliers, providing a crucial funding mechanism for the industry.
The partnership between Topsoe and Carbon Neutral Fuels is a significant development in the eSAF market, which has been gaining momentum in recent years. The European Commission has announced a €2.9 billion investment in sustainable fuels by 2027, and companies such as Finnish technology firm Liquid Sun are launching pilot plants to produce eSAF. However, the funding of SAF production remains a challenge, with competitive pricing being a precondition for scale. The UK government’s revenue certainty mechanism is expected to provide a boost to the industry, enabling companies to develop commercial-scale eSAF production facilities.
Stock Market Updates of ESAF Bank
Recent Updates
Plug Power to provide electrolyzers for eco-friendly SAF and diesel production in Uzbekistan, as reported by UzDaily.uz
Plug Power Inc., a global leader in integrated hydrogen solutions, has signed a binding supply agreement with Allied Biofuels FE LLC (ABF) to deliver up to 2 GW of GenEco PEM electrolyzer systems. The agreement supports ABF’s development of sustainable aviation fuel (SAF), electro-synthetic SAF (eSAF), and “green” diesel in Uzbekistan. The final investment decision is expected in the fourth quarter of 2026. This contract raises Plug Power’s total contracted electrolyzer capacity with partners to 5 GW across two large-scale projects, including a previously announced collaboration with Allied Green Ammonia (AGA) in Australia for 3 GW.
The agreement was signed during a visit by Plug CEO Andy Marsh to Australia, where he met with project developers and energy partners to explore additional opportunities in hydrogen and liquid fuel. This contract is one of the largest announced in 2025 for electrolyzer supply, highlighting Plug’s growing role in advancing large-scale renewable fuel production in Central Asia. According to Andy Marsh, “This agreement demonstrates that Plug is executing projects that others are only planning. We are turning hydrogen commitments into real, multi-gigawatt operational projects.”
The partnership with Plug enables ABF to achieve the necessary scale, reliability, and performance to meet global demand for low-carbon fuel, marking a key milestone toward the final investment decision. Allied Biofuels Chairman Alfred Benedict emphasized the importance of this partnership in supporting the global transition to clean energy, reducing emissions in aviation and transport, and ensuring long-term energy sustainability and climate security.
Plug Power’s expanding presence in the Asia-Pacific region and Central Asia strengthens its position as a leading supplier of electrolyzers for renewable fuel and hydrogen energy projects. The company is actively promoting hydrogen and fuel cell technology adoption in South Korea, India, and Japan, supporting the integration of clean hydrogen into power generation, fuel synthesis, and industrial processes. With a fully integrated ecosystem covering production, storage, transportation, and energy generation, Plug Power is building a global hydrogen economy, providing electrolyzers, liquid hydrogen, fuel cells, storage tanks, and refueling infrastructure to industrial and energy enterprises.
Across five continents, Plug has deployed over 72,000 fuel cell systems and 275 refueling stations, supporting large-scale hydrogen projects, including production of up to 40 tons of hydrogen per day at facilities in Georgia, Tennessee, and Louisiana. Clients include major companies such as Walmart, Amazon, Home Depot, BMW, and BP. The company’s technologies will be deployed at ABF’s flagship facility in Uzbekistan, a strategically important site for supplying global sustainable fuel markets. Overall, the agreement demonstrates Plug Power’s commitment to advancing the global hydrogen economy and supporting the transition to clean energy.