Bandhan Bank slashes micro lending rate by 60 bps to 19.9%
The Bank in a statement said it was committed to passing on the benefit of lower cost of resources to its customers at the bottom of the pyramid and for this, a further rate was reduced by 60 basis points. Since its launch, the bank has mobilised close to Rs 15,000 crore deposits.
With the latest round of lending rate reduction, Bandhan Bank has pared its micro loan rate by 2.5 per cent or 250 bps in three stages in less than 11 months since it started operations as a universal bank, it said.
Immediately after transforming into a bank in August 2015, it slashed its rate by
1.4 per cent or 140 bps, making it 21 per cent.