Dr. D. Subbarao, Former RBI Governor, delivers inaugural Bandhan Bank Anniversary Lecture
Kolkata, August 23, 2017: When Monali Thakur rocked the stage and every one started dancing on the floor during the 2nd anniversary of celebration Bandhan Bank Ltd, India’s fastest growing bank the nostalgic members of Bandhan Family must have traveled down the memory lane. A moment to cherrish the fruits of hard work and much deserved success for Mr. C.S. Ghosh and his team.
This year onn this occasion, the bank has instituted the ‘Bandhan Anniversary Lecture’. Dr. D. Subbarao, former Governor, Reserve Bank of India, delivered the Inaugural Anniversary Lecture: ‘India: Will the Elephant Start Dancing?’
Dr. Subbarao said that India has the promise and potential to be the next growth miracle on the lines of the Japanese, East Asian and Chinese miracles. At the same time, he emphasized that the India growth story is not inevitable. It will materialize only if the country does all the right things in the right time. He outlined a ten – point agenda for the realization of the India story, in particular emphasizing by investment in manufacturing is important for creating jobs and why redressing agricultural distress is necessary to improve welfare.
When the lecture finished people understood the dry world of economic development like a walk on the cake and that’s the power of Dr. Subbarao’s lecture.
Mr. Chandra Shekhar Ghosh, Founder, Managing Director and Chief Executive Officer, Bandhan Bank Ltd., said: “As we complete two years as a universal bank today, 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 11 million customers for believing in Bandhan Bank. With their support, we will continue to make banking services accessible to all.”
Currently, the Bank has 3,667 touch points pan India consisting of 840 bank branches, 2,444 Doorstep Service Centres (DSCs) or banking outlets and 383 ATMs.
The Bank has mobilized deposits worth Rs. 23,500 crore and its loan book stands at Rs. 20, 800 crore. Bandhan Bank has a dedicated team of 25,500 employees on roll to serve 11 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 7.50% for one year with an additional 0.5% 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. Shri Pranab Mukherjee, Honourable President of India, graced Bandhan Bank’s first anniversary function in Kolkata.
About Bandhan Bank Ltd.
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 seeks to offer its 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 opportunities.
In sync with the philosophy of ‘Aapka Bhala, Sabki Bhalai’ and keeping financial inclusion at the heart of it, Bandhan Bank is committed to provide a host of products and services, competitively at par with India’s top private and state-owned banks.