Arun Jaitley launches Bandhan Bank as full-fledged scheduled commercial bank’

News:

• India gets its first private bank in 11 years with Finance Minister Arun Jaitley inaugurating Bandhan Bank as a full-fledged scheduled commercial bank, which will now see innovation taking the centrestage to reach out to the unbanked population.
• Bandhan is the first microfinance company to transform into a bank.
• Reserve Bank of India has turned liberal in doling out banking licenses to entities of different capabilities. It has just issued 11 in-principle licenses to set up payments banks.
• Bandhan Bank will primarily cater to the unorganized sector like daily wage earners and women running small businesses.
• As a bank, it will also offer savings, remittance and insurance services and try to raise its stake in the bottom of the pyramid customers.
• Bandhan begun operation with 500 branches, a majority of these are in the eastern region including West Bengal.

Source: ET