Bandhan Reborn As A Bank

With this, Bandhan became the first micro finance company in the country to start operations as a full-fledged commercial bank.

With Chinese imports flooding the Indian steel industry, almost all steel-makers in the country have posted a negative balance sheet for the quarter ended June 30 while power availability and its connectivity to rural areas remain a concern.

Briefing reporters on the review by the Prime Minister, Jaitley said the government as well as the regulators Reserve Bank and Sebi were watching the global developments but there was no need for a bailout package. Bandhan Bank combined their efforts of releasing funds at grass root level with small enterprises which can grow with their own feet.

Stating that the state would get all financial benefits as announced earlier as well as the proceeds of coal auctions, he promised that political differences would not come in the way of the state’s development. He also said that large corporates are responsible for Non-Productive Assets problem. “They can raise Rs.1.1 lakh crore from the market”, the secretary said.

Referring to the challenges faced by steel sector, the Finance Minister said, this sector is also impacted by the external factors.

The Prime Minister, Jaitley said, is keen that the present global crisis should be converted into an opportunity. The country’s 20 private lenders, led by ICICI Bank Ltd., held more than 19 percent of bank credit as of March 2013, while 43 foreign banks accounted for the rest, data provided by the RBI show. It has just issued 11 in-principle licenses to set up payments banks.

“And I don’t have a doubt that over the next few quarters, the banks will be able to address these challenges”, he added. “However, give us some flexibility”, said Chandrashekhar Ghosh, managing director and CEO of Bandhan while seeking relaxations from the RBI.

That Bandhan Bank’s billboards feature Mamata’s favourite colours – blue and white, to promote which citizens have been offered civic tax breaks – appears to be little more than a coincidence.

“… the initiatives of having private individuals as banking correspondents who visit every home in order to bring people into the structured banking network”.

“The eastern states including eastern Uttar Pradesh, Bihar, West Bengal, Orissa and the north-eastern states have the potential to raise the GDP rate of India“.