Bandhan Bank to open 40 new branches by December

Kolkata: Bandhan Bank would add another 40 branches by December 31, taking the total number to 978, the Kolkata-based lender's founder and CEO C S Ghosh said on Wednesday.

Ghosh said five new branches were opened on Wednesday.

West Bengal Minister for Consumer Affairs & Self Help Group & Self-Employment, Sadhan Pande, inaugurated the Shyambazar branch on Wednesday.

Commenting on the occasion, Chandra Shekhar Ghosh said, "We are glad to announce the opening of our five new branches today. This is just another step in our ongoing endeavour of making banking accessible to all. The enormous support and love that we have received from our customers and well-wishers keep us motivated to provide superlative banking experience through all our touchpoints."

The other four branches opened on Wednesday are in Singur and Baidyabati (Hooghly), Nalhati (Birbhum) and Mecheda (Purba Medinipur).

With the opening of the new branches on Wednesday, Bandhan Bank has 3,953 banking outlets consisting of 943 bank branches and 3,010 Doorstep Service Centres (DSCs). The Bank also has 476 ATMs. Through this network, Bandhan Bank serves 1.44 crore customers. As on September 30, 2018, the Bank has deposits worth Rs.32,959 crore and its loan book stood at Rs.33,373 crore.

The Reserve Bank of India had earlier imposed restrictions on Bandhan Bank's branch expansion, after it failed to pare promoters' stake to 40 per cent from close to 82 per cent, within the stipulated three-year time frame.

The lender commenced operations on August 23, 2015.

"The bank had received prior approval from the RBI for opening the new branches," Ghosh said.

"We are working on the process of stake dilution of the promoting company in the bank," he added.