Money & Banking

Bandhan Bank set to achieve targeted deposits of ₹3,600 crore this fiscal

Abhishek Law Kolkata | Updated on January 20, 2018

Chandra Shekhar Ghosh

A new pan-India branding campaign on the cards

Kolkata-based Bandhan Bank may be well on-course to achieve its targeted growth in deposit base.

Within the first three months of this fiscal, it has been able to mobilise over 50 per cent of its targeted deposits of ₹3,600 crore, the bank’s Founder MD and CEO Chandra Shekhar Ghosh told BusinessLine.

According to him, Bandhan Bank, has, from April to mid-June, mobilised deposits to the tune of ₹2,000 crore.

Last fiscal, deposits stood at a little over ₹12,000 crore and it targeted a 30 per cent growth (or an addition of ₹3,600 crore) this year (FY17).

“Our deposit base today stands at ₹14,000 crore. Around ₹2,000 crore was mobilised till mid-June; against the full year’s target of ₹3,600 crore. So, we are well on course to achieve the same,” Ghosh said on the sidelines of a seminar organised by the Bengal Chamber of Commerce and Industry.

Pointing out that his focus would be on mobilising “more deposits” for the new bank, Ghosh said he was targeting “deposit pockets” across various States; apart from the eastern region.

Around 180 new branches will be added this fiscal. A new pan-India branding campaign is also being planned in the coming days.

Low-cost branches

Interestingly, Bandhan is also willing to experiment with low-cost, small-format, branches in parts of West Bengal and Bihar.

Confining themselves mostly to neighbourhoods, these branches have a size of 500-600 sq feet; will primarily restrict itself to deposit-taking; and withdrawal of money. It will have three staff members that include a branch head and two assistants.

Published on June 17, 2016

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