Bandhan Bank started its operation on 23rd August 2015. The paid-up capital is Rs 2,750 crore and plans to raise an additional Rs 480 crore by issuing shares to the International Finance Corporation (IFC) and the Government of Singapore Investment Corporation (GIC). Bandhan Financial Services (BFS), which recently received its universal banking licence a year after getting a provisional licence from the Reserve Bank of India (RBI).
It got IFC and SIDBI as equity investors as an MFI( Microfinance Institute). As a bank, that list expanded to include a Singapore-based investment company. Bandhan is the first MFI to become a universal bank. Its operations will be divided into two sectors: micro-banking and general banking, offering complete retail financial solutions with different types of savings and loan products.
Points to Remember:
- Paid up share Capital: 2750 Crore.
- Branches: 501
- Account holder: 1.43 crore account holders
- The interest rate for the savings bank account has been fixed at 4.25 per cent for a balance up to Rs 1 lakh and 5 per cent for balance above Rs 1 lakh.
- For term deposits, the maximum interest rate has been fixed at 8.5 per cent for one to three years, with an additional 0.5 per cent for senior citizens.
- Bandhan started as an NGO in 2001
- Mr. Ghosh quit his job to set up an institution through which he hoped to help the poor.
- He embarked with just three members from a small place called Bagnan, some 60 km from here in Howrah District.
- In less than a decade and half, Bandhan branched out through a 2,022-strong network in 22 States and Union Territories although the east and the north-east remained its focus areas.
General Knowledge related Question
Who is the Founder of Bandhan?
Who is the Chairmanf Bandhan?
