Bandhan Financial Services has received the final sanction to function as a universal bank. Chandrasekhar Ghosh, CMD of the company, said that operations will be formally launched in Kolkata on 23 August.
“We have received the final bank licence from RBI. We will start operations with 500-600 branches on August 23,” said Ghosh.
The Bandhan Bank will focus on retail and micro enterprises in unbanked or under-banked rural areas.
The bank will also introduce ATM service.