Microfinance outfit Bandhan Financial Services Ltd., which got a banking licence from the Reserve Bank of India on April 9, is planning to open around 600 branches, its Chairman and Managing Director Chandra Sekhar Ghosh said.
Talking to the media after participating at an interactive session organised by the Bharat Chamber of Commerce, he said that the organisation’s strength was in its rural presence. “About 80 per cent of our network is in rural areas,” he said.
An estimated 600 branches may have to be opened to cater to Bandhan’s 55 lakh clients — all women. In response to a question as to how he proposed to take on competition from big banks, Mr. Ghosh said “Bandhan can get one crore active accounts”.
In addition to creating banking facilities in unbanked areas, MFIs helpd to create employment opportunities, he said. He also said that the present workforce would be re-trained to carry out banking operations.
Bandhan’s borrowing profile includes nationalised banks, financial institutions, foreign banks and private banks.
