Bandhan Bank to Start Operations from August 23 2015

Bandhan Bank will start banking operations from August 23 with the inauguration of 600 branches in 27 states across the country along with 250 on-site ATMs. 65 per cent of the branches would be rural, while the rest 35 per cent would be opened in urban areas.

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. All the branches would be on core banking platform.

Micro-finance institution Bandhan Financial Services, which got the final license from Reserve Bank of India to start universal banking. Bandhan is also in the process of obtaining separate RBI licenses for RTGS, NEFT, payments gateways and CTS.

With IFC, GIC Singapore and SIDBI as equity investors, Bandhan Bank would start operations with a capital base of Rs 2,616 crore. Chandra Sekhar Ghosh is chairman of Bandhan Bank.

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