A recent press report said that Bandhan Financial Services, which has just received 135-crore equity capital from International Finance Corporation, said that that it will apply for banking licence as soon as the Reserve Bank of India finalizes the guidelines for new banks.
Reports said that the fresh equity from IFC has improved Bandhan’s net worth to 600 crore, which is more than the minimum capital requirement for getting a banking license.
Mr. Chandrashekhar Ghosh, chairman and managing director, Bandhan said that the company is expecting that IFC’s induction as equity investor would give the RBI the confidence to give us a bank license.
Reports said that the RBI had announced that companies with 10 years of sound track record and business presence in the country’s interiors could pitch for a new bank licence. The 10-year old Bandhan has built a 1,553-strong branch network with over 75% rural presence.
Mr. Ghosh said that the micro lender has started doing the ground works for applying for a bank licence and has also planned to induct two veteran bankers on its board to help the preparatory works. If it gets it, it will convert itself into a bank, instead of creating a new entity.