CSR

Rural India gets first dedicated bank Bandhan

With 71 percent of branches, rural India got the first dedicated bank, Bandhan. At least 35 percent of branches of Bandhan Bank will be in the non-banked rural areas. Mohd Mustaquim reports
Rural India gets first dedicated bank Bandhan

With 71 percent of branches, rural India got the first dedicated bank, Bandhan. At least the 35 percent of branches of Bandhan Bank will be in the non-banked rural areas. The bank was inaugurated in Kolkata on Sunday with 501 branches in across 27 states with a capital base of Rs 2570 crore. Soon the number of branches will be increased to 600.

“Bandhan, the new born member of Indian banking industry has started operating today with 501 branches all over the country. The bank is beginning its operations with 1.43 crore accounts, 10,448 crore loan and 19,500 employees and already has a presence in 24 states”, said Chandra Sekhar Ghosh, Managing Director and Founder of the Bank.

With 220, West Bengal has the maximum number of branches, followed by Bihar (67), Assam (60), Maharashtra (21), Uttar Pradesh and Tripura (20) each and Jharkhand (15).

Inaugurating the new Bank, Union Finance Minister, Arun Jaitley cautioned the Bank to keep their focus to serve the weaker sections of the society unchanged, most of whom are among the 75 lakh customer of Bandhan Financial Services.

Bandhan Bank is the first bank, opened in Eastern India after independence. UCO Bank, founded by Ghnashyam Das Birla in 1943 was last bank started operations from Bengal.

Bandhan is the first private in India opened after 11 years. The last were the Yes Bank and Kotak Mahindra Bank started in 2004. Leaving behind the Ambanis, Birlas, LIC, India Post, Bajaj among other 18 contenders, Bandhan and IDFC were awarded banking licenses in April 2014 from the apex bank.

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