In the list of Indian banks, a new private bank called Bandhan Bank has been added. 1994 was the year when the private banks were allowed to commence banking operations. Following this,the new banks like ICICI bank,HDFC bank and Axis Bank were born. In the next spell another two banks-Yes Bank,Kotak Mahindra- were given the licences. Some time ago Bandhan which had been working as a microfinance company has been asked to function as a full fledged bank. All the new banks have been doing well and have overtaken many public sectors bank.
Let’s know the background of this newly born bank. Bandhan bank was founded by Chandra Sekhar Ghosh in Kolkata in 2001.He started this venture with the capital of Rs 200000 and three employees. His company mainly focessed on small scale women entrepreneurs who didn’t qualify to get the loans from conventional banks. It was purely on the basis of personal relations and trust on which the microfinance business depended. The time rolled on and so did the wheels of growth of his company.In just eight years the company spread in leaps and bounds. In 2009, the company got the license of a Non Banking Finance Company from RBI. And five years later, it succeeded in getting the Banking solution.Bandhan was preferred to many big companies due to its access to the underprivileged group who remain cut off from the mainstream banking.
With Bandhan starting banking operations, it is expected that banking will be taken to every corner of the country. Let’s hope that this bank will be able to bind common people with the banking benefits.