Bandhan Bank targets 30-40 percent growth by 2017

Kolkata, Feb 9 (IANS) City-headquartered Bandhan Bank, which began commercial operations last year, is targeting growth on the deposit as well as credit front by at least 30 percent by 2017-end, a top official said here.

The microfinance lender, which began full-fledged banking operations in August 2015, on Tuesday rolled out international debit cards for its customers and launched services for NRI customers.

“Our deposits now stand at Rs.7,500 crore of which more than one-third is from retail customers. On the credit front, by March this year, it will reach around Rs.14,000 crore.

“As a bank, we expect to grow at anything between 30 percent to 40 percent in the next financial year in both credit and deposits,” Managing Director and CEO C.S. Ghosh said.

Ghosh said the bank in the current year will continue to reach out more to people targeting ‘unbanked sectors’ and rural areas.

“Our total customer base is now around 1.55 crore of which 82 lakh are depositors. We will continue to focus on reaching out to more people with special stress on unbanked sectors and rural customers,” said Ghosh.

Talking about the non-residential Indian (NRI) banking services, Ghosh said: “As per the World Bank, $70 billion in foreign remittance came to India which is about 4 percent of our GDP. In this respect, NRI customers are also our focus”.

The bank also expects to expand its number of branches to 632 by March end this year.

Currently, it operates in 27 Indian states through a network of 612 branches.

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