Bandhan Bank to open 14 branches in south Indian states

Set to start operations as the newest full-fledged bank in the country, Bandhan Bank on Wednesday said it will open 14 branches in the five southern states - Karnataka, Kerala, Tamil Nadu, Andhra Pradesh and Telangana. These branches will be operational from August 23 the same day the bank commences its nationwide operations. Bandhan Bank is all set to start with a Rs 11,000-crore book, capital of Rs 3,200 crore, 500-600 branches and 250 ATMS across India.

"South is a mature market and there is great potential for Bandhan Bank to serve this region. To start with we will have 14 branches across the region and will offer financial services to all sections of the society. In due course we will ramp up operations," Bandhan Bank's MD and CEO Chandra Shekhar Ghosh said in a statement.

President Pranab Mukherjee, will launch the bank in Kolkata on August 23 the first bank to be born in the eastern India post-Independence, it said. International Finance Corporation, Singapore government-backed GIC and the state-run Small Industries Development Bank of India have invested in Bandhan Bank. Bandhan has appointed 850 experienced banking professionals at senior and middle level positions to run its operations, in addition to 18,000 employees that the microfinance entity already has on its payroll.