Bandhan Bank secures Rs. 7k cr. as deposits in last 5 months

Bandhan-Bank-microfinance-servicesCS Ghosh, the founder, MD and CEO of Bandhan Bank, Kolkata, made a statement that the bank has deposited Rs. 7000 crore in under five months. The bank has initiated its operations on 23rd August, 2015. The majority of the deposits are by non-microfinance borrowers.

 

Bandhan Bank Ltd. is an Indian banking and financial services company, which started as a micro-finance company in 2001. Its headquarter is in Kolkata (West Bengal). The bank received banking license by Reserve Bank of India in 2014, incorporated on 23 December, 2014, got the final affirmation in June 2015 and started its operations on 23rd August, 2015. The bank now has over 612 branches and more than 750,000 customers.

 

According to Mr. Ghosh, the bank has a credit base of Rs 12,500 crore, with a share of retail loans of Rs 100 crore. Because of its higher rate of interest, the deposit growth has been reliable to 25-30%, since it commenced the banking operations in August 2015.

 

During a seminar organized by the Bengal Chamber of Commerce and Industry, Mr. Ghosh said that people have reposed faith in the bank. In these five months, deposits worth Rs. 7,000 crore have been made. It’s a record of sorts. He is expecting that Bandhan will be profitable this year, as it is trying to increase the deposits.

 

The bank is also focusing on providing loans for affordable housing, medium, small and micro enterprise (MSME) and transport, in the coming days. For an instance a scheme was launched by the bank to finance rickshaw-pullers, who want to buy mechanized or battery-powered rickshaws. After the MSME loans, it will also look up for corporate lending.

 

For all these plans Bandhan is now expecting a capital investment of Rs. 428 crore by International Finance Corporation (IFC) and the Singapore government-backed GIC by March 2016.

 

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