Profile

Shri K. Paul Thomas is a visionary social entrepreneur from India and the founder of the ESAF Group of Social Enterprises, including ESAF Small Finance Bank, where he currently serves as the Managing Director & Chief Executive Officer.

ESAF began its journey in 1992 as a non-governmental organisation, launched during a time when India was undergoing transformative economic liberalisation. By 1995, when the concept of “microfinance” was still nascent in the country, the young entrepreneur from Kerala dared to dream differently. He launched the Micro Enterprises Development (MED) Division under ESAF, focusing not on profit margins, but on people—particularly women in India’s most remote and marginalised regions, long ignored by the mainstream financial system.

Three decades later, that small step has grown into a movement. Today, ESAF Small Finance Bank has evolved into a full-fledged institution with over 780 outlets across 24 states and 2 union territories, serving more than 9.4 million customers. Under Paul Thomas’s stewardship, the Bank has thrived—not just in scale, but in purpose and values. In 2018, ESAF was granted Scheduled Commercial Bank status, marking another significant milestone.

Years before the Kudumbashree movement took shape in Kerala, Paul Thomas had already championed the use of Self-Help Groups (SHGs) and joint liability models as tools for grassroots empowerment. Deeply inspired by Nobel Laureate Prof Muhammad Yunus and the Grameen Bank model, he reimagined and localised it to suit Indian realities. His pioneering work has earned him numerous accolades, recognising both his leadership and his social impact. These include:

  • Atal Pension Yojana Big Believers Award 3.0 for Best Performing MD & CEO
  • Circle of Excellence Exemplary Award of Par Excellence by PFRDA
  • Entrepreneur of the Year Award by TiE Kerala
  • TMA Management Excellence Award
  • Chamber of Commerce Award
  • Icon of Sustainability Award
  • FE Pillar of the BFSI Industry Award at the Financial Express Modern BFSI Summit
  • CEO with HR Orientation at the World HRD Congress (2022)

Under his leadership, ESAF became the first Indian bank to join the Global Alliance for Banking on Values (GABV)—a global network of institutions committed to ethical and sustainable banking. ESAF is also a proud member of the World Fair Trade Organisation, underscoring its deep-rooted commitment to social justice.

The Bank’s impact has been globally recognised—ESAF was a finalist at the European Microfinance Award twice: in 2014 (as an NBFC) and in 2018 (as a bank).

While ESAF remains his flagship legacy, K. Paul Thomas also contributes to the broader development ecosystem. He has served as the President of the Thrissur Management Association, Chairman of the CII Kerala Chapter, and currently serves as the Chairman of Sa-Dhan, a self-regulatory organisation for community development finance institutions in India.

PATH-BREAKING STEPS

  • Shri. K. Paul Thomas, a visionary leader and a pathfinder in the field of social entrepreneurship, is a name that resonates with hope and empowerment. His work and dedication towards the upliftment of the marginalised sections of society through microfinance are truly inspiring. His path-breaking steps have transformed countless lives, and his contribution to the social sector has been instrumental in shaping the lives of millions of people at the bottom of the pyramid.

  • Shri. K. Paul Thomas made a significant contribution to India by introducing the concept of microfinance. In fact, he was a pioneer in this field long before Kudumbashree, the community development initiative of the Government of Kerala. He drew inspiration from the ideas of Prof. Muhammad Yunus, the Nobel laureate who had shown that the poor can be trustworthy borrowers, and developed the Grameen Bank Model. His belief in the financial empowerment of individuals and communities led him to establish ESAF. His vision of bringing about a complete transformation of society led to the creation of the ESAF ecosystem. The various entities of ESAF have served as channels of holistic development for people from all sectors of society.

  • The unorganised sector in India has long been neglected, and Shri. K. Paul Thomas recognised the need to bring it into an organised form. He played a crucial role in establishing livelihood support services for his clients, comprising skill training programmes, setting up marketing channels for their products, and facilitating access to government schemes. Under his leadership, ESAF attracted investment from numerous social investors including Opportunity International, Australia, and Oikocredit, Netherlands. Through the guidance of Shri. K. Paul Thomas, ESAF Society has transformed the lives of the individuals it serves through its capacity-building initiatives. It focuses on empowering its members by instilling in them self-esteem and entrepreneurial qualities and helping them enhance their quality of life. Through various initiatives, Shri. Paul Thomas helped to bridge the gap between the unorganised sector and the formal economy, empowering countless individuals and communities.

  • Shri. K. Paul Thomas's journey and his contributions to the social sector have been an inspiration to many. His vision, dedication, and hard work have transformed the lives of millions of people, and his path-breaking steps have set an example for others to follow.

MEMORABLE ACHIEVEMENTS

Shri. K. Paul Thomas was a pioneer in the microfinance industry, leading ESAF Microfinance and Investments to become a finalist for the European Microfinance Award in 2013.
Under his leadership, ESAF Small Finance Bank was also recognised as a finalist for the European Microfinance Award in 2018, highlighting ESAF’s continued commitment to financial inclusion.
Shri. K. Paul Thomas played a pivotal role in the history of Kerala's banking sector, as he led the first bank to be licenced in the state after India's independence.
Under the leadership of Shri. K. Paul Thomas, ESAF Small Finance Bank became the first Indian bank to partner with the Global Alliance for Banking on Values, promoting sustainable and socially responsible banking practices.