Bandhan Bank is an innovative Indian private bank that originated from a microfinance organization dedicated to financial inclusion and women empowerment. Founded in 2001 in Bagnan, a small village near Kolkata, the bank began as a non-profit entity focused on serving underbanked and underpenetrated markets. Key Milestones The bank’s transformative journey includes several significant achievements. In 2006, Bandhan acquired a Non-Banking Financial Company (NBFC) to scale up microfinance activities. By 2010, it had become the largest microfinance institution in India. A pivotal moment arrived on June 17, 2015, when it received a universal banking license from the Reserve Bank of India, becoming the first microfinance institution to transform into a universal bank. The bank officially launched its banking operations on August 23, 2015, with 501 branches and 50 ATMs
Latest News on Bandhan Bank
Bandhan Bank allocates a significant Rs 4 crore towards its CSR efforts to support the construction of the Ramakrishna Mission Centre, as reported by ThePrint and PTI.
Bandhan Bank has contributed ₹4 crore to the construction of the Ramakrishna Mission Centre for Human Excellence and Social Sciences, Vivek Tirtha, in New Town, Kolkata. The bank’s Corporate Social Responsibility (CSR) initiative aims to promote skill development and education, reflecting its commitment to social uplift. The centre, Vivek Tirtha, will serve as a hub for education and skill development, providing individuals with the knowledge and capabilities needed for personal and professional growth.
Bandhan Bank’s Managing Director and CEO, Partha Pratim Sengupta, handed over the cheque to Swami Suvirananda, General Secretary of Ramakrishna Math and Ramakrishna Mission, at Belur Math. The event was attended by senior dignitaries from the Math and top officials from Bandhan Bank. The bank’s CSR initiative highlights its dedication to making a positive impact in the community through education and skill development.
The centre is expected to provide a platform for individuals to acquire skills and knowledge, empowering them to improve their quality of life. The initiative also underscores the bank’s commitment to corporate social responsibility, demonstrating its responsibility towards society and its willingness to invest in the growth and development of communities. With this contribution, Bandhan Bank reinforces its position as a socially responsible corporate entity, making a positive difference in the lives of individuals and communities.
Bandhan Bank introduces a premium savings account tailored for High-Net-Worth Individuals (HNIs)
Bandhan Bank, a private lender, has introduced a new savings account specifically designed for high network individuals (HNIs). The account, called “Elite Plus,” offers a range of benefits to its customers. One of the key features of the account is the ability to make unlimited cash deposits each month without any restrictions or charges. Additionally, customers can enjoy free transactions through RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), and IMPS (Immediate Payment Service) transactions.
The “Elite Plus” account also comes with enhanced debit card insurance coverage and a personal accident cover of up to Rs 15 lakh. This means that customers will have increased protection against financial losses and personal risks. The account is designed to provide exclusive benefits to HNIs, who are often high-income earners and enjoy a higher disposable income.
Bandhan Bank’s decision to launch the “Elite Plus” account is likely a strategic move to attract more HNIs to its customer base. By offering a range of benefits and advantages, the bank aims to differentiate itself from its competitors and establish itself as a premier banking destination for high net worth individuals. The account is likely to appeal to individuals who value the convenience of unlimited cash deposits, free transactions, and enhanced insurance coverage. Overall, the “Elite Plus” account is a unique offering that caters to the specific needs and preferences of HNIs, making it an attractive option for those who fit this demographic.
Market Highlights: A closer look at Bandhan Bank, Jubilant Foodworks, Torrent Power, SBI, and Kirloskar Oil – latest trading insights from Moneycontrol
The article provides a trade spotlight on six Indian companies: Bandhan Bank, Jubilant Foodworks, Torrent Power, State Bank of India, and Kirloskar Oil Engines. The article suggests various trading strategies for each of these companies, taking into account their recent performance, market trends, and analyst opinions.
For Bandhan Bank, the article suggests a buy recommendation with a target price of Rs 450, citing the bank’s strong financial performance and growing asset base. It also recommends a stop loss at Rs 380.
For Jubilant Foodworks, the article suggests a buy recommendation with a target price of Rs 350, citing the company’s strong brand presence and growing demand for its products. It also recommends a stop loss at Rs 290.
For Torrent Power, the article suggests a buy recommendation with a target price of Rs 650, citing the company’s plans to expand its business through acquisitions and its strong financials. It also recommends a stop loss at Rs 570.
For State Bank of India (SBI), the article suggests a buy recommendation with a target price of Rs 350, citing the bank’s strong financials and its plans to expand its business through digital initiatives. It also recommends a stop loss at Rs 300.
For Kirloskar Oil Engines, the article suggests a sell recommendation with a target price of Rs 650, citing the company’s declining sales and profitability. It also recommends a stop loss at Rs 700.
Overall, the article provides a detailed analysis of each company, highlighting both its strengths and weaknesses, and suggesting potential trading strategies based on these insights. Additionally, it provides technical analysis, using charts to help traders make informed decisions.
In conclusion, the article offers a comprehensive analysis of the six Indian companies mentioned, providing detailed information on their financial performance, market trends, and analyst opinions. It suggests various trading strategies for each company, including buy and sell recommendations, along with target prices and stop loss levels. This information is useful for traders and investors looking to make informed decisions about these companies.
Bandhan Mutual Fund’s latest campaign inspires retirees to maintain their financial freedom, empowering them to live life on their own terms, as featured by ET BrandEquity.
The article discusses a new campaign by Bandhan Mutual Fund in collaboration with AutumnGrey, a Grey Company, aimed at promoting Systematic Withdrawal Plans (SWPs). The campaign, called #Salary Wala Plan, aims to make SWPs more relatable and appealing to investors, especially those approaching retirement. The idea is to present SWPs as a steady income stream, much like a regular salary, which can help individuals maintain a stable cash flow even after they stop working.
To bring this concept to life, AutumnGrey created a short film featuring a couple who believe they have a secure financial future, only to be thrown off course by unexpected events in their lives. The narrative uses multiple “false endings” to keep the audience engaged and reveal another layer of the story. The intention is to make SWPs more accessible and appealing to investors, ensuring a steady income stream and bridging the gap between savings and expenses.
According to Anusha Shetty, chairperson and CEO of Grey India, #Salary Wala Plan can be “liberating for every person going into retirement.” Vishal Kapoor, CEO of Bandhan AMC, added that the campaign aims to make investors aware of the dual benefits of SWPs: ensuring liquidity while keeping the remaining corpus invested for potential growth.
The #Salary Wala Plan campaign encourages investors to consider SWPs as a more relatable and appealing option, especially for those approaching retirement. By reframing SWPs as a structured, salary-like income stream, the campaign drives awareness about the benefits of SWPs, which can help individuals build a more stable financial future.
Introducing #SalaryWala by AutumnGrey and Bandhan Mutual Fund, a pioneering plan to empower retirees and secure their financial future.
AutumnGrey, a Grey Company, and Bandhan Mutual Fund have launched the #Salary Wala Plan, a groundbreaking initiative designed to empower retirees and ensure financial independence. This innovative plan reimagines the Systematic Withdrawal Plan (SWP) as a salary-like income stream, providing a steady cash flow even after retirement. The campaign, featuring a loop treatment in its film, highlights the importance of a consistent income stream and showcases the unpredictability of life.
The #Salary Wala Plan aims to bridge the gap between investing and ensuring financial independence, particularly for those who rely on a regular salary for financial security. According to Anusha Shetty, Chairperson & CEO of Grey India, “Retirement and lack of consistent fund inflow can be a nightmare, more so if one needs to depend on others, including kids. #Salary Wala Plan can be liberating for every person going into retirement.”
Vishal Kapoor, CEO of Bandhan AMC, adds that while SIPs (Systematic Investment Plans) have gained acceptance as a disciplined way to invest, SWPs remain underutilized as a strategy to sustain financial independence. The #Salary Wala Plan campaign aims to raise awareness about SWPs, rebranding it as a structured, salary-like income stream, and drive greater awareness of its dual benefits: ensuring liquidity and keeping the remaining corpus invested for potential growth.
By flipping the perspective on traditional wealth creation, this partnership is encouraging investors to rethink how they convert their investments into a structured and dependable income, ensuring that even as life takes unexpected turns, financial stability remains intact. The #Salary Wala Plan is poised to revolutionize the way retirees approach their post-retirement finances, providing a reliable and steady income stream, much like the salary they once received.
Stock Market Updates for Bandhan Bank
Recent Updates of Bandhan Bank
Indian lender Bandhan Bank faces a massive Rs 119.38 crore income tax demand
Bandhan Bank, a leading private-segment bank in India, has received a notice from the Income Tax (IT) Department for an income tax demand of ₹119.38 crore (approximately USD 15.8 million). According to a recent report, the IT Department has sent a notice to the bank demanding payment of taxes for the financial year 2018-19.
The notice is reportedly a result of a scrutiny assessment proceedings, which were initiated by the IT Department in 2020. The bank had requested the IT Department to reconsider its assessment, but the matter has been dragged on, and the bank has now received the demand notice.
The amount involves a combination of taxes, interest, and penalties. The bank has been informed that the tax demand includes principal amount of ₹84.44 crore, interest of ₹23.44 crore, and a penalty of ₹11.5 crore. The IT Department has also imposed a surcharge of 4% on the principal amount, which has further increased the overall demand to ₹119.38 crore.
Bandhan Bank has stated that it is now considering its options, including appealing against the assessment order and disputing the demand. The bank has a track record of paying taxes regularly and has always been compliant with the tax laws. The bank believes that the demand is excessive and unwarranted, and it is committed to contesting the matter through legal means.
It is worth noting that the IT Department has been scrutinizing the tax returns of notable entities in the country, including businesses and individuals, to ensure compliance with tax laws and regulations. This could be a one-off instance, or it might be part of a broader trend, as the IT Department continues to crack down on tax evaders and taxpayers who try to manipulate their returns.
This development could have implications for other companies, particularly private sector banks and financial institutions, that may be subject to similar scrutiny. As businesses navigate the complex world of taxation, they must ensure that their tax compliance is accurate and timely, to avoid potential disputes and penalties.
Bandhan Bank partners with Indian Air Force to launch a special salary account program
Bandhan Bank has announced a partnership with the Indian Air Force (IAF) to launch a specialized salary account for IAF personnel, called the Bandhan Bank Shaurya Salary Account. This account will offer a range of exclusive benefits, including zero balance savings, protection for self and family, and attractive interest rates, available at over 1700 Bandhan Bank branches. This partnership builds on the bank’s existing collaboration with the Controller General of Defence Accounts (CGDA) to provide services to defence pensioners and their families through 557 designated branches.
The Memorandum of Understanding (MoU) was signed by Air Vice Marshal Updesh Sharma and Debraj Saha, Head of Government Business Group, Bandhan Bank. The partnership is aimed at providing a superior banking experience to IAF personnel, leveraging Bandhan Bank’s state-of-the-art digital platforms, extensive branch network, and customer-centric approach.
Bandhan Bank’s Executive Director and Chief Business Officer, Rajinder Babbar, emphasized the bank’s commitment to supporting the nation through its initiatives, stating, “Bandhan Bank is deeply committed to supporting the nation through every initiative we undertake. We take great pride in our legacy of providing world-class banking solutions, built on the trust and confidence that these esteemed institutions place in us.”
Debraj Saha noted that the partnership with IAF is a significant milestone for the bank, and it is honored to collaborate with the IAF to offer seamless solutions to its personnel. The Bank has also been appointed as an Agency Bank by the Reserve Bank of India, and has been authorized by the Central Boards of Direct Taxes and Indirect Taxes for collections of taxes, and disbursement of Central Civil Pension and Railway Pensions, among others.
Introducing Vedartha, a game-changing investment platform by Bandhan AMC, now accessible to onshore and offshore investors alike, empowering anyone to achieve their wealth goals.
Bandhan AMC has launched a new wealth creation platform called Vedartha, which allows onshore and offshore investors to invest in Indian mutual funds, fixed income, and other financial instruments. Vedartha is an interactive web-based platform that provides a user-friendly interface for investors to invest, monitor, and track their portfolio.
With Vedartha, investors can access a range of investment products, including Indian equity funds, balanced funds, debt funds, and liquid funds. The platform also offers a feature to invest in fixed income instruments, such as fixed deposit, commercial paper, and treasury bills.
The platform is designed to cater to the needs of both onshore and offshore investors, allowing them to invest in Indian financial instruments from anywhere in the world. It ensures that the investment process is seamless, secure, and transparent.
Vedartha offers several benefits to investors, including:
1. Convenience: Investors can access the platform from anywhere, at any time, using a computer or mobile device with an internet connection.
2. Diversification: The platform provides access to a range of financial instruments, allowing investors to diversify their portfolios and manage risk.
3. Real-time tracking: Investors can track their investments in real-time, enabling them to make informed decisions.
4. Multi-lingual support: The platform offers support in multiple languages, making it accessible to investors from diverse linguistic backgrounds.
5. Secure: Vedartha uses advanced security measures to ensure the safety and integrity of investor data.
According to the company, Vedartha is designed to provide a one-stop solution for investors seeking to invest in Indian financial instruments. The platform is expected to attract a significant number of onshore and offshore investors, particularly those based in countries with limited access to Indian financial markets.
Bandhan AMC is a leading asset management company in India, with over 20 years of experience in managing investments. The launch of Vedartha is a significant step in the company’s strategy to expand its global reach and offer innovative investment solutions to investors worldwide. With Vedartha, Bandhan AMC aims to create a new era of wealth creation for investors, providing them with a platform to achieve their financial goals and aspirations.
As the lucrative bank IPO market of the past decade saw IDFC First, Bandhan, RBL, Ujjivan, and Suryoday venture forth, the quest for the next HDFC Bank giant proves to be a reverse, with none managing to replicate its spectacular success.
The article highlights the struggles of banking stocks, particularly private banks that listed in the last decade. Despite being seen as having growth potential, many of these banks have underperformed the market, leading to significant losses for investors who tried to identify the “next HDFC Bank”. Out of 13 private bank IPOs in the last decade, only 2 have posted positive returns since their IPO, and none have beaten the index. Even larger banks, such as Federal Bank, have only managed to keep pace with the Nifty Bank index, with a CAGR of 10%.
The article suggests that “fortune favors scale”, implying that larger banks are more likely to perform well over the long-term. This is reflected in the Nifty Bank index, where the top 5 constituents (HDFC Bank, SBI, ICICI Bank, Axis Bank, and Kotak Mahindra Bank) account for 86.5% of the combined market capitalization of all Nifty Bank constituents, up from 17.5% in 2015.
The article concludes that investors would be better off buying the index rather than trying to pick individual stocks in the banking sector. This is a decade-long lesson learned, with many investors having lost money trying to identify the next high-performing bank. As legendary investor John Bogle once said, “Don’t look for a needle in the haystack. Just buy the haystack.” This piece of advice may be particularly relevant for long-term investors who are not sure how to pick stocks in the banking sector.
Bandhan Bank Embarks on AI-Enabled Digital Journey with Salesforce
Bandhan Bank, a private lender with a large presence across India, has partnered with technology giant Salesforce to enhance its loan origination systems and provide a seamless digital banking experience. The bank has integrated multiple loan origination systems into AI-driven platforms powered by Salesforce, streamlining the lending process and improving efficiency. Since transitioning its core banking system in October 2023, Bandhan Bank has been focused on digital transformation, product innovation, and operational efficiency.
The partnership with Salesforce has enabled the bank to optimize the loan process from onboarding to approval and disbursement through the use of artificial intelligence (AI). AI plays a crucial role in this transformation, improving loan quality, trade finance, payment processing, fraud detection, and risk management. Automation and data-driven decision-making have helped the bank enhance efficiency and security while building a more robust financial ecosystem.
Arundhati Bhattacharya, President and CEO of Salesforce South Asia, emphasized the importance of innovation, trust, and security in the banking industry. Ratan Kumar Kesh, Executive Director and Chief Operating Officer of Bandhan Bank, highlighted the benefits of the partnership, which includes building a scalable, AI-powered digital platform that enhances speed, agility, and operational excellence.
In a related development, Pothys Swarna Mahal, the jewelry arm of retail giant Pothys, has also partnered with Salesforce to improve customer engagement through AI-driven solutions. By adopting Salesforce’s Marketing Cloud, Service Cloud, and Commerce Cloud, Pothys Swarna Mahal aims to create a more personalized and integrated shopping experience across multiple digital and social platforms.
Senior Citizens’ FD Offer: Take advantage of 9.10% interest rates on Fixed Deposits from these top banks, find out more details here!
Fixed Deposits (FDs) have been a popular investment option in India for many years, particularly among senior citizens. This is because FDs are considered to be a safe and secure way to invest, with a high return on investment. Senior citizens can earn higher interest rates than normal citizens, typically around 0.5% more, making it an attractive option for those looking to generate a steady income post-retirement.
Banks and non-banking financial companies (NBFCs) offer FDs with interest rates ranging from 2.50% to 9.10% for a period of 7 days to 10 years. Many private banks offer interest rates up to 7%, while some NBFCs offer 9% interest on FDs. This makes FDs a lucrative option for those seeking a high return on investment.
Top banks and NBFCs in India offer FD rates as follows:
* Public Sector Banks: Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, State Bank of India, and Union Bank of India offer interest rates ranging from 7.75% to 7.95%.
* Private Sector Banks: Axis Bank, Bandhan Bank, DBS Bank, HDFC Bank, ICICI Bank, and Yes Bank offer interest rates ranging from 7.75% to 8.25%.
* Small Finance Banks: AU Small Finance Bank, Jan Small Finance Bank, North East Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank offer interest rates ranging from 8.40% to 9.10%.
FDs provide several benefits to senior citizens, including the option to withdraw the full or partial amount before maturity, as well as the option to renew the FD once it matures. Additionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage up to Rs 5 lakh on deposits with participating banks. With a minimum investment requirement as low as Rs 100, FDs are an accessible and secure investment option for senior citizens.