Micro-finance institution Bandhan Financial Services, which got the final license from Reserve Bank of India to start universal banking, would formally start operations as a banker from August 23. "We will start banking operations under Bandhan Bank from August 23 with the inauguration of 600 branches in 27 states across the country along with 250 on-site ATMs," Bandhan chairman Chandra Sekhar Ghosh told PTI. He said 247 branches would be opened in West Bengal, while Bihar, Orissa and Assam would also have a good share in terms of the number of branches.
Ghosh said 65 per cent of the branches would be rural, while the rest 35 per cent would be opened in urban areas. The logo for Bandhan Bank has been designed by advertising agency O&M, Ghosh said adding that all the branches would be on core banking platform. Bandhan is also in the process of obtaining separate RBI licenses for RTGS, NEFT, payments gateways and CTS, he said.
Ghosh said all the necessary hardware and software are in place to start the operations. The MFI had got the in-principle license from RBI to start universal banking in April 2014 within 18 months time. Along with Bandhan, IDFC had also got the same in-principle approval from RBI for starting universal banking operations.
With IFC, GIC Singapore and SIDBI as equity investors, Bandhan Bank would start operations with a capital base of Rs 2,616 crore.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
