Finance Minister of India, Mr. Arun Jaitley inaugurated India’s first private bank in 11 years – Bandhan Bank. Born in Kolkata, Bandhan Bank has been founded by Chandra Shekhar Ghosh in 2001 and is set to reach out to the unbanked population of the country. The bank has 500 branches in the country with majority in West Bengal alone.
The company has created around 10,000 crores of strong loan portfolio to start with. International Finance Corporation and the Singapore Government-backed GIC are expected to invest Rs. 500 crores collectively in Bandhan Bank, taking its networth to Rs. 3,200 crore.
Bandhan had been operational as an NGO lending to the poor after which it turned itself into a non-banking finance company in 2006.
The bank’s primary focus is on the unorganized sector of the society like the daily wage earners and small businesses run by women.