The leading MFI had last month received an in-principle nod from the Reserve Bank of India (RBI) for launching banking services in April.

Micro finance institution (MFI) Bandhan Financial Services Ltd. has appointed Deloitte to prepare its roadmap for launching banking services.

The leading MFI had last month received an in-principle nod from the Reserve Bank of India (RBI) for launching banking services in April.

“We have appointed Deloitte as an adviser and consultant to help us make a foray into the banking sector. The pact is valid for 18 months which is the time limit set by the RBI,” Bandhan’s Chairman and Managing Director Chandra Shekhar Ghosh told The Hindu.

A team of 30 people comprising people from Bandhan and Deloitte would be set up to execute the banking project, Mr. Ghosh said adding that he would head the team.

Several other reputed firms like McKinsey, Boston Consultancy Group, PwC, Ernst & Young and KPMG had also applied for getting the mandate from Bandhan, he added.

Mr. Ghosh said that Bandhan would also appoint an IT consultant for developing the software and hardware needed for the transiting from MFI operations to banking operations.

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