Bandhan Bank slashes micro lending rate to 19.9%

The Bandhan Bank on Monday further eased the micro lending rate rate by 60 basis points to bring interest rate down to 19.9 percent with immediate effect.

Kolkata: The Bandhan Bank on Monday further eased the micro lending rate by 60 basis points to bring interest rate down to 19.9 percent with immediate effect.

The Bank in a statement said it was committed to passing on the benefit of lower cost of resources to its customers at the bottom of the pyramid and for this, a further rate was reduced by 60 basis points.

Since its launch, the bank has mobilised close to Rs 15,000 crore deposits.

With the latest round of lending rate reduction, Bandhan Bank has pared its micro loan rate by 2.5 percent or 250 bps in three stages in less than 11 months since it started operations as a universal bank, it said.

Immediately after transforming into a bank in August 2015, it slashed its rate by 1.4 percent or 140 bps, making it 21 percent.

Bandhan Bank operates across 29 Indian states and union territories through a network of 688 branches, 2,022 Doorstep Service Centres (DSCs) and 237 ATMs. It has more than 8.77 million customers.