MUMBAI, (GNI): S. S. Mundra, Deputy Governor, RBI(C) along with Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank Ltd (L) at the inauguration of Bandhan Bank’s new branch at Nariman Point, in Mumbai -photo by GNI
MUMBAI, (GNI): Bandhan Bank Ltd, India’s fastest growing bank, today opened a new branch in Nariman Point, Mumbai taking its branch network to 831.
S. S. Mundra, Deputy Governor, Reserve Bank of India inaugurated the branch. The Nariman Point branch is Bandhan Bank’s 10th branch in India’s financial capital, Mumbai. With this, the Kolkata-headquartered Bank now has 46 branches in Maharashtra.
Commenting on the occasion, Mundra complimented Bandhan Bank for its smooth transition as a full-service commercial bank and lauded the efforts of the staff in furthering the cause of financial inclusion.” Mumbai would be an ideal place to experiment with innovations in the area of financial inclusion. The financial inclusion initiatives would need to be supplemented by financial literacy through digitalisation. A cell phone – smart or otherwise- in the hands of the customers should serve both as a mobile bank branch as well as a tutorial for them,” he said. The Deputy Governor specifically urged the management of Bandhan Bank to continue their focus on their ‘niche’ segment while pursuing the best risk management practices.
“We are happy to open yet another branch in Mumbai and will continue to increase our presence in the western state. Our motto is to serve every customer with respect and meet their basic financial needs,” said Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank Ltd. “Even though our presence in Mumbai is not big but in terms of deposit mobilisation they are playing a very critical role. Thank you Mumbaikars,” Ghosh added.
The Nariman Point branch is situated at Unit no G-5, Ground Floor, Dalamal Tower, Plot no. 211, Free Press Journal Marg, Nariman Point, Mumbai, Maharashtra, Pin-400021.
Bandhan Bank presently has 3,549 touch points pan India consisting of 831 branches, 2,437 Doorstep Service Centres (DSCs) and 281 ATMs. The bank has mobilized deposits worth over Rs. 22, 000 crore and its loan book stands at about Rs. 22,500 crore.
The bank has two divisions — general banking and micro banking, offering a suite of retail financial solutions, including a variety of savings and loan products. Currently, the savings bank account interest rate is 6% for balance above Rs.1 lakh and 4.25% for balance up to Rs.1 lakh. For term deposits, the maximum interest rate offered is 7.70% for one year with an additional 0.5% for senior citizens.
Bandhan Bank commenced its operations on August 23, 2015, with 501 branches, 2,022 DSCs and 50 ATMs across 24 Indian states. The bank was inaugurated by Arun Jaitley, Minister of Finance, Corporate Affairs and Information and Broadcasting, Government of India, in Kolkata at a grand function attended by regulators, policy makers and luminaries from financial sector and corporate India. Bandhan is the first bank to be set up in eastern India post-Independence.
Pranab Mukherjee, Honourable President of India, graced Bandhan Bank’s first anniversary function in Kolkata.
About Bandhan Bank Ltd.: Bandhan made a humble beginning in 2001 as a not-for-profit microfinance enterprise with the idea of making a significant contribution towards alleviation of poverty by empowering women. It transformed itself into a non-banking finance company in 2006.
Bandhan received the ‘in-principle’ approval from the Reserve Bank of India in April 2014 and the banking regulator’s final nod came on June 17, 2015. Its public shareholders include, among others, International Finance Corporation, an arm of GIC, the sovereign wealth fund of Singapore, and Small Industries Development Bank of India.
Bandhan Bank is driven by a constant desire to serve better. It seeks to offer its world-class banking products and services to urban, semi-urban and rural customers alike. It is a bank for all but the focus remains unchanged to meet the financial needs of people who are overlooked by the formal banking system and create better education, health care and self-employment opportunities.
In sync with the philosophy of ‘AapkaBhala, SabkiBhalai’ and keeping financial inclusion at the heart of it, Bandhan Bank is committed to provide a host of products and services, competitively on a par with India’s top private and state-owned banks.ends