Banking

Bandhan Bank opens its first Lucknow branch

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Bandhan Bank, the first example in India of a microfinance entity transforming into a commercial bank, has registered its presence in the City of Nawabs, Lucknow. With this, the new-age bank today got its 608th branch in the country.

The Lucknow branch was inaugurated by Uttar Pradesh Cooperative Bank Limited MD Ravikant Singh and Small Industries Development Bank of India (SIDBI) CGM S Ramakrishnan.

Bandhan started operating as a commercial bank on August 23, 2015 with 501 branches, 2,022 Doorstep Service Centres (DSCs) and 50 ATMs across 24 states. It was inaugurated by Union Finance Minister Arun Jaitley in Kolkata.

The public shareholders of the bank include the International Finance Corporation (IFC), SIDBI and an arm of GIC, formerly known as Government of Singapore Investment Corporation – a sovereign wealth fund of Singapore.

 

Bandhan made a humble beginning in 2001 as a not-for-profit microfinance enterprise and transformed into a non-banking finance company in 2006.

Currently, the bank operates across 27 states through a network of over 595 branches and 183 ATMs.

 

Since its launch, the Bank has collected deposits of Rs 4,700 crore catering to over 8 million customers.

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