Bandhan gets final OK as full-fledged bank, to start on Aug 23
June 17, 2015 15:58
Micro-finance institution Bandhan on Wednesday received final approval from the Reserve Bank of India to commence operations as a full-fledged bank, three months ahead of schedule, reports Prasanna D Zore/Rediff.com.
India's central bank had, on April 2, 2014, granted an in-principle approval to Bandhan for setting up a bank; this was valid till October this year.
Chairman and Managing Director Chandra Shekhar Ghosh, in picture, told the media in Mumbai on Wednesday that Bandhan Bank will be inaugurated on August 23, 2015 in Kolkata. It will begin operations from day one with 250 branches and 12,000 human teller machines.
The bank has already beefed up its total staff strength to 16,000. The bank has also seen capital infusion from the World Bank's International Finance Corporation, and Singapore government's GIC. With commitments to raise its core capital by Rs 16,000 crore, Bandhan's capital base is expected to touch Rs 3200 crore.
Among the bank's heavy-duty appointments are Madison Media for advertising campaign, Ogilvy & Mather for brand-building, FIS for I-T platform, Aon Hewitt for personnel, and Deloitte as consultant.
Bandhan, which has an existing retain base in the countryside, will now move aggressively to expand its footprint in urban and semi-urban areas.
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