Micro finance institution (MFI) Bandhan has got fresh equity infusion of Rs 1,020 crore (Rs 10.20 billion)) with GIC Sovereign Fund of Singapore becoming a new shareholder.
"We have received Rs 1,020 crore (Rs 10.20 billion) as equity from IFC, SIDBI and GIC," Chairman of Bandhan Financial Services C S Ghosh told PTI.
IFC has given Rs 344 crore or Rs 3.44 billion, SIDBI - Rs 35 crore (Rs 350 million) and GIC - Rs 640 crore or Rs 6.40 billion, Ghosh said, adding that with this, the MFI's capital base has reached Rs 2,616 crore (Rs 26.16 billion).
Ghosh said the Reserve Bank has been intimated about this development, after which it will give the final banking licence.
Bandhan is in the process of setting up a universal bank.
It had obtained an in-principle approval from RBI in April 2014 to set up a bank with 18 months time.
It plans to start banking operations by October.
