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“A Co-operative society for the total financial inclusion of its members that promotes economic development”


“To be a sustainable, professionally managed and transparent co-operative society that provides financial services with emphasis on the economic development and financial inclusion of its Members”


Mr. K Paul Thomas took initiative to establish ESAF as an NGO in Thrissur, Kerala in 1992, with the initial objective of catering to the socio-economic needs of the marginalized people as well as unemployed youth. The vision of ESAF was guided by the principle of sustainable, holistic transformation of the poor and the marginalized. In order to achieve the goal, ESAF initially undertook various training and capacity building programs for the youth, women & Children. From the beginning itself, ESAF realized that lack of access to credit and financial services was a major impediment to transformation of the community.


ESAF believed in community participation in its activities and it was with this objective that SHG Federations were formed in 2008. These federations had helped the members in the mobilization of thrift, loans, leadership development, engaging in economic activities, technical assistance and mostly social and economic empowerment. The federations however were not devoid of any challenges, such as lack of a suitable legal framework, difficulty in mobilizing external resources from financial institution etc.


In the quest of looking for an appropriate structure that suits our requirement (providing various financial and other facilities to the members with a provision to make investments) it was found that Multistate Co-operative is a good vehicle which suits our requirement, and accordingly a Multistate Co-operative was formed in 13th October 2011. ESAF Swasraya Multi State Co-operative Credit Society thus formed.


It would be an ideal vehicle to provide the much visional financial and non-financial services in a sustainable manner for financial inclusion. They could be involved in local development and contribute to the sustainable development of their communities, as their members and management board usually belong to the communities in which they exercise their activities.


a)      To promote overall economic betterment of members through self-help and mutual aid in accordance with co-operative principles specified in the first Schedule of the Act.

b)      To Accept the deposits from the members of the society and utilize the same for giving loans to its members or invest and make payment, the deposited amount which are accepted by the Society as and when demanded or completion of maturity period / similarly make payment of the deposit by issuing cheque, draft or by any other means.

c)      To provide Loan to its members with mortgage or without mortgage of the property.

d)      To provide educational loan to its members, or member's son/ daughter/wife etc.

e)      To create funds by means of deposits and borrowings hereafter to lend to members of the Society at moderate rates of interest.

f)       To lend money to its members for hire purchase of household articles and vehicles.

g)      To lend money to its members for their business purposes.

h)     To lend money to its members for their specific need on Gold Loan or immovable properties with mortgage.

i)       To promote saving habits amongst its members.

j)        To fund, support or promote any subsidiary institution as per the provisions of section 19 of the Multi-State Co-operative societies Act 2002.

k)     To enable the Members to access insurance and to provide insurance whether directly or indirectly, and other financial services for the benefit of the Members subject to the approval of the regulatory authorities as may required

l)       Subject to rules, regulation and guidelines issued by the regulatory authority and such other governmental authority from time to time, to provide various financial product or services directly or indirectly performed which includes:

                                i.            Provisions for various kinds of loans and financial services including housing loan

                             ii.            Facilitating financial inclusion

                           iii.            Acting as agents including corporate agents, representatives, surveyors, sub-insurance  agents, brokers, advisors, franchisers, consultants, advisors, collaborators aggregators including sub aggregators for insurance companies, mutual funds and pension products of Government or other agencies.

                             iv.            Acting as a business sub aggregator for organizations which provide products or services


The area of operation of the society is in the following state