Bandhan Bank cuts interest rate on micro loans by 70 bps

Kolkata: Bandhan Bank on Monday said it has slashed the interest rate on micro loans by 70 basis points to 17.95 percent.

The revised rate will be applicable to new disbursements from Tuesday, the bank said in a statement.

In the last four years since it began operations as a bank, the lender has cut micro loan rates by 445 basis points or 4.45 percent.

"I believe, with the reduction in micro loan interest rate, more people will find it affordable to borrow money and build sustainable livelihoods for themselves," Bandhan MD amd CEO Chandra Shekhar Ghosh said.

Bandhan Bank has a network of 998 branches and 481 ATMs across the country.

As on March 31, the bank's loan book stood at Rs 44,776 crore with deposits of Rs 43,232 crore.