All the existing microfinance businesses of the company and clients will be transferred to the bank
Bandhan Financial Services, the first microfinance institution in the country to win a bank licence, is also one of the youngest entities to be allowed to enter the banking space.
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Bandhan financial Services will raise funds via internal accruals.
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
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The Kolkata-based firm already has a presence in 22 states with over 2,000 branches and 5.9 million borrowers.
Licence winners are expected to be announced by the first quarter of 2014.
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A parliamentary panel on Friday opposed the new bank licences to corporate houses and voiced concerns over the discretionary power vested with RBI for applying 'fit and proper' criteria for deciding on applications.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
RBI had received 72 applications for small finance bank licences.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
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