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
About Bandhan Bank
Bandhan Bank’s remarkable story began in 2001 as a visionary microfinance initiative founded by Chandra Shekhar Ghosh in Bagnan, a small village near Kolkata. What started as a modest mission to support underserved communities has transformed into one of India’s most innovative banking institutions.
Origins and Inspiration
Ghosh’s journey was driven by a profound understanding of rural financial challenges. Witnessing the exploitation of villagers by money lenders who charged exorbitant interest rates of 200-300%, he decided to create a different approach to financial services. His initial pilot program supported 25 destitute women in a semi-urban Kolkata area, helping them increase their average monthly income from ₹300 to ₹2,000.
The name “Bandhan,” meaning togetherness, reflects the bank’s core philosophy of building strong community connections. Ghosh personally traveled through Hooghly district, convincing women to take loans for business development and children’s education, despite initial skepticism.
Transformational Milestones
In 2006, Bandhan acquired a Non-Banking Financial Company (NBFC) to scale its microfinance operations. By 2010, it had become India’s largest microfinance institution. A pivotal moment arrived in April 2014 when the Reserve Bank of India granted an in-principle approval for a banking license, making Bandhan the first microfinance institution to transition into a universal bank.
On August 23, 2015, Bandhan Bank officially commenced operations, inaugurated by then Union Finance Minister Arun Jaitley in Kolkata. The bank started with 501 branches and quickly expanded its reach across India.
Strategic Vision and Growth
Bandhan Bank’s unique approach focuses on financial inclusion, particularly empowering women and supporting underbanked markets. Currently present in 34 Indian states and union territories, the bank has maintained its commitment to serving rural and semi-urban areas.
The bank’s strategic expansion includes diversifying beyond microfinance into comprehensive banking services. Its shareholders include prominent institutions like the International Finance Corporation and Singapore’s sovereign wealth fund.
Founder’s Legacy
Chandra Shekhar Ghosh’s entrepreneurial journey exemplifies the bank’s spirit – transforming from a small NGO with just ₹2 lakh in savings to leading a significant financial institution. His vision of connecting society through financial services continues to drive Bandhan Bank’s mission of inclusive growth.
Today, Bandhan Bank stands as a testament to innovative financial solutions that prioritize community empowerment and sustainable development.
Latest News on Bandhan Bank
Bandhan Bank Embarks on New Phase of Expansion, Launches Nine New Branches Across Three States
Bandhan Bank has announced the expansion of its operations by opening nine new branches across three states in India. This move is part of the bank's strategy to increase its presence in the country and cater to the growing demand for banking services. The nine new...
Stock Market Updates for Bandhan Bank
Recent Updates of Bandhan Bank
No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.