The ‘Bandhan Bank’ has become the 1st micro-finance company in India to start operation as a full-fledged scheduled commercial bank.The bank was initiate by the Union Finance Minister Arun Jaitley in Kolkata,
Key facts
- Bandhan Bank has begin its operations after it had received an in-principle approval from the (RBI) in April 2014 and final nod on June, 2015.
- The was established in 2001 as a not-for-profit micro-finance enterprise by Chandra Shekhar Ghosh with an aim to alleviate poverty by empowering women. Later in 2006, it had transformed itself into a non-banking finance company
- .Bandhan Bank will now primarily cater to the unorganized sector in India .
Headquarters:
- Bandhan has 2 divisions micro banking and general banking.
- As a bank, it will also offer services like savings,and insurance services.Today the Bandhan bank has 501 branches, 2022 service centres and 50 ATMs across the 24 states in india.
- Over 71 % of its branches are in rural India including 35% in unbanked rural pockets. State-wise, West Bengal has the highest 220 branches, followed by Bihar (67), Assam (60), Maharashtra (21), Uttar Pradesh and Tripura (20 each) and Jharkhand (15). IBandhan was World’s largest Non-Deposit-accepting Microfinance Institution (MFI) and India’s largest microfinance company.
1st micro-finance company to start operation as a commercial bank:
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