Mumbai: Kolkata based Bandhan Financial Services Ltd on Wednesday got the final nod from the Reserve Bank of India (RBI) to set up a bank. It is planned to launch in Kolkata on August 23, 2015. Bandhan had received the RBI’s in-principle licence in April 2014.
The micro-finance company had appointed five specialised agencies – Deloitte Touche Tohmatsu India Pvt Ltd as consultant for the banking project; FIS as the information technology partner; Aon Hewitt to design the human resources and compensation policy for employees; Madison Media for the advertising campaign; and Ogilvy & Mather to handle the brand-building exercise — to help with the transformation into a bank.
Bandhan has recently completed raising Rs. 1,020-crore equity from International Finance Corporation, Singapore’s sovereign wealth fund GIC, and the state-run Small Industries Development Bank of India. As a result, its net worth has gone up to Rs. 2,700 crore, well above the RBI’s stipulation of a minimum capital base of Rs. 500 crore for new banks.
Bandhan has appointed 850 experienced banking professionals at senior and middle-level positions to run its operations, in addition to the 17,000 employees that the microfinance entity already has on its payroll.