KOCHI, India, Sept. 24, 2025 /PRNewswire/ -- Dr. K. Paul Thomas, Founder, ESAF Group of Social Enterprises, and Managing Director & CEO, ESAF Small Finance Bank, was conferred the Academic Doctorate by VELS University, Chennai for his research on 'Influence of Social Entrepreneurship on Socio-economic Transformation and Sustainable Development by Small Finance Banks', guided by Dr. G. Rajini, Professor and Director – MoUs, School of Management Studies, VISTAS, Pallavaram, Chennai. The Union Law Minister, Arjun Ram Meghwal, presented the degree to Dr. Thomas during a ceremony organised at the university campus. The convocation was attended by faculty members, university officials, students, and other dignitaries. Dr. Thomas's pioneering efforts in establishing ESAF in 1992 and the subsequent socio-economic activities of the organisation have been instrumental in shaping inclusive finance in India. The ESAF founder's leadership has extended beyond banking, as he also serves as the Chairman of Sa-Dhan, while being an active board member of institutions such as the Microfinance Institutions Network (MFIN). He previously held the position of Chairman of the CII, Kerala Chapter, and served as the President of the Thrissur Management Association. His work reflects a strong commitment to both institutional growth and social good, integrating economic progress with community welfare. A graduate in Business Administration from Annamalai University, Dr. Thomas had earlier been awarded an Honorary Doctorate by the Kerala Agricultural University, further recognising his contributions to business and society. About ESAF Small Finance Bank: ESAF Small Finance Bank (ESAF SFB), the new-age social bank, continues redefining the banking experience for all stakeholders. ESAF Small Finance Bank got the Reserve Bank of India's approval for inclusion in the second schedule of the RBI Act 1934 within two years of the commencement of its operations and hence the Bank became a Scheduled Bank with effect from 27th December 2018. In June 2018, the RBI permitted the Bank to start NRE (Rupee) Account Operations. ESAF SFB has set up extensive network of 788 Banking Outlets, 1,095 Customer Service Centres, 33 Business Correspondents, 4948 Banking Agents, 733 Business Facilitators and 713 ATMs spread across 24 states and 2 union territories. Photo: https://mma.prnewswire.com/media/2780913/K_Paul_Thomas_Doctorate_ESAF.jpg' alt='Embedded Media' /> (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI

Scheduled bank status enables expanded regulated operations after Reserve Bank approval for NRE rupee accounts and services. Reserve Bank approvals recognised ESAF Small Finance Bank's inclusion in the second schedule of the Reserve Bank Act and authorised NRE (rupee) account operations, formalising its status as a Scheduled Bank and enabling expanded regulated banking activities within the banking regulatory framework.