Bandhan Bank, the first bank to be set up in West Bengal after Independence, plans to go for an IPO in 2018. The bank will be inaugurated by President Pranab Mukherjee on August 23, 2015. The bank has roped in former chief economic advisor to the finance ministry Ashok Kumar Lahiri to head its 10-member board. Ashok Kumar Lahiri was the former deputy MD of Axis Bank and present CGM of Nabard.
After getting the in-principle banking licence in April 2014, Bandhan had hired an additional 8,000 employees to the existing 13,000. Chandra Shekhar Ghosh, the founder of Bandhan Financial Services which started as a mirco finance institution in 2001, will be the managing director and chief executive officer of the bank. The Bandhan Bank board has been drawn from experienced bankers like former chairmen of PSU banks like Corporation Bank and United Bank of India.
GK Question
Name the other lender which got in-principle approval from RBI for new Bank? Mumbai-based infrastructure lender IDFC.
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