Finance Minister Arun Jaitley, yesterday inaugurated India’s newest bank, Bandhan Bank Ltd in Kolkata, at a function attended by regulators, policy makers and luminaries from financial sector and corporate India.
Bandhan commenced operations as a universal bank with 501 branches, 2022 service centres and 50 ATMs across 24 Indian states. It plans to have 632 branches and 250 ATMs in 27 states by the end of fiscal year 2016. It starts with 1.43 crore accounts and around Rs 10,500 crore loan book. It has 19,500 employees. Over 71% of the branches will be in rural India and at least 35% in unbanked rural pockets.
State-wise, West Bengal has the maximum number of branches 220, followed by Bihar 67, Assam 60, Maharashtra 21, Uttar Pradesh and Tripura 20 each, and Jharkhand 15. The Kolkata-headquartered bank has two divisions -- micro banking and general banking – and will offer complete retail financial solutions, including a variety of savings and loan products.