Dr Reddy delivers Bandhan Bank's Anniversary Lecture
Kolkata: Bandhan Bank, India's fastest growing bank, in recent times, celebrated its 3rd Anniversary. Dr. Y.V Reddy, former Governor, Reserve Bank of India, delivered the Anniversary Lecture on "Indian Economy: Asking the Right Questions".
In his lecture, DR. Reddy called for putting an end to the "populist negativism" and making all-out efforts "to restore confidence in the banking system."
"It is true that there were many questionable decisions taken by some banks in the past. The publicity to misdeeds in the banking industry, especially by large corporations and severe actions initiated by investigative agencies has received applause by the public at large. However, the damage that it is doing to the trust in the system and to the moral of the participants in the system has been totally underestimated", he said.
Chandra Shekhar Ghosh, Founder, Managing Director and Chief Executive Officer, Bandhan Bank Ltd., said: "As we complete three years as a universal bank on Friday, I am happy that we have not only been able to meet all our targets but also exceeded in some of them. I thank our esteemed customers and shareholders for believing in Bandhan Bank. With their support, we will continue to make banking services accessible to all."
Currently, the bank has 3,701 touch points pan India consisting of 937 bank branches, 2,764 Doorstep Service Centres (DSCs) or banking outlets and 475 ATMs.
As on 30th June, 2018, the Bank had mobilized deposits worth Rs. 30,703 crore and its loan book stands at Rs. 32, 510 crore. Bandhan Bank has a dedicated team of 28,826 employees on roll to serve 13.65 million customers.
The Kolkata-headquartered 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% for balance up to Rs.1 lakh.
For term deposits, the maximum interest rate offered is 7% for one year with an additional 0.75% 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 Shri Arun Jaitley, Hon'ble 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, former President of India, graced Bandhan Bank's first anniversary in the year 2016 in Kolkata.
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 offers world-class banking products and services to urban, semi-urban and rural customers alike. While it has a pan India presence, the special focus remains on eastern and north-eastern part of India. 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