Published On: Sun, Sep 6th, 2015

Bandhan Bank has become the first micro-finance company in India

Bandhanbank

Bandhan Bank has become the first micro-finance company in India to start operation as full-fledged scheduled commercial bank. The bank was inaugurated by Union Finance Minister Arun Jaitley in Kolkata, ushering in a new era in country’s banking sector to reach out to the unbanked population. Key facts Bandhan Bank has begun its operations after it had received an in-principle approval from the Reserve Bank of India in April 2014 and final nod on June, 2015. It was established in 2001 as a not-for-profit micro-finance enterprise by Chandra Shekhar Ghosh with an aim to alleviate poverty by empowering women. Later in 2006, it had transformed itself into a non-banking finance company (NBFC). Bandhan Bank will now primarily cater to the unorganized sector in India like daily wage earners and women running small businesses.

 Bandhan Bank – It was established in 2001 as a not-for-profit micro-finance enterprise by Chandra Shekhar Ghosh with an aim to alleviate poverty by empowering women. Later in 2006, it had transformed itself into a non-banking finance company (NBFC). Bandhan Bank will now primarily cater to the unorganized sector in India like daily wage earners and women running small businesses.  It should be noted that prior to starting operation as commercial bank, Bandhan was World’s largest Non-Deposit-accepting Microfinance Institution (MFI) and India’s largest microfinance company.
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