Published On:May 5 2014
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Bandhan Bank may open doors in 18 months.
Bandhan Finacial Services Pvt. Ltd. is looking at setting up about 600 branches across 22 States before it begins full-fledged banking operations.
These 600-odd branches will come up over an 18-month time-frame.
The West Bengal-based micro-finance institution (MFI), and IDFC beat 21 applicants - including Aditya Birla Nuvo, Bajaj Finserv, Indiabulls and L&T Finance - which had applied to the RBI for securing a banking licence.
According to Chandra Shekhar Ghosh, Chairman and Managing Director, Bandhan Financial Services, the focus would be to cater to its existing customer-base of 55 lakh. As such, it would require approximately 600-odd bank branches to cater to them.