Money & Banking

Bandhan Bank’s deposit base surges to ₹1,500 crore in 45 days

| Updated on: Oct 12, 2015

The high initial growth may taper down a bit over time, says MD

In 45 days since start of operations, Bandhan Bank has garnered deposits worth ₹1,500 crore, said Chandra Shekhar Ghosh, MD and CEO of the bank.

“The high initial growth in deposits is encouraging. However, this may taper down a bit over time. Going by the trend, overall deposit collection in the first year should be good,” Ghosh said.

In less than a month of starting operations, Bandhan Bank had acquired five lakh new customers. Bandhan, a microfinance institution turned commercial bank, started full fledged banking operations on August 23.

According to Ghosh, the bank’s customer base has touched 83 lakh, up from 78 lakh when it began banking operations. The number of accounts (savings and loan) has risen by five lakh to 1.48 crore .

The Kolkata-based lender has started off with 501 branches, and plans to have 632 branches and 250 ATMs in 27 States by the end of this financial year.

Most of the new branches are in rural and un-banked areas.

Bandhan Bank has also launched its lending operations with housing loans — up to a maximum limit of ₹15 lakh to an individual customer — and vehicle loans — restricted initially to two-wheelers and commercial vehicles for customers in rural and semi-urban area.

It has also applied for being empanelled to maintain pension accounts. With its interest rate on deposits being slightly higher than other commercial banks, Bandhan Bank is looking for a share of the superannuation deposits.

Published on January 22, 2018

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