Bandhan Bank deposit base crosses Rs 1,500 crore

Kolkata: Private sector lender Bandhan Bank, which started operations as a full-fledged bank from August this year, has garnered a deposit base of Rs 1,500 crore till date.

"From August 23 (when the bank began operations) till date Bandhan Bank's deposit base crossed Rs 1,500 crore," CMD of bank C S Ghosh told reporters here today.

He said that the CASA percentage was 26, the balance being term deposits.

"It is very encouraging that the deposit base has been so good within such a short period. It is of great help to us," Ghosh said.

Bandhan, which transformed itself from a micro-finance institution (MFI) to a bank, is seeking to shore up its deposit base as it could not do so in its erstwhile form.

Ghosh said existing equity investors like SIDBI, IFC and GIC Sovereign Fund of Singapore would jointly put in Rs 500 crore as additional capital in the bank.

He has been elected to the management committee of Indian Banks Association (IBA).

Bandhan Bank is the first instance of a micro-finance entity in India transforming into a universal bank. It received an in-principle approval from the RBI in April 2014 and the banking regulator's final nod on June 17, 2015. The bank has 523 branches at present.