Kolkata: Bandhan Bank Ltd announced today that it would reduce the lending rate for micro loans by 0.6% or 60 basis points (bps) from Monday, July 18, 2016. Currently, it offers micro loans at 20.5%. This will be reduced to 19.90%. The Bank is committed to pass on the benefit of lower cost of resources to its customers at the bottom of the pyramid.
Before commencing operations as a bank, Bandhan, the microfinance entity, was giving such loans at 22.4%. Immediately after transforming into a bank in August 2015, it slashed its rate by 1.4 percentage points or 140 bps, making it 21%. The bank further reduced its micro lending rate by 50 bps in April 2016, making it 20.5%. With the latest round of lending rate reduction, Bandhan Bank has pared is micro loan rate by 2.5 percentage points or 250 bps in three stages in less than 11 months since it started operations as a universal bank.
Currently, 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. Its more than 8.77 million customers are being served by a dedicated team of 21,000 employees. Since its launch, the bank has mobilized close to Rs. 15,000 crore deposits.
Bandhan Bank commenced operations on August 23, 2015, with 501 branches, 2,022 DSCs and 50 ATMs across 24 Indian states. The bank was inaugurated by Shri. Arun Jaitley, Hon’ble Minister of Finance, Corporate Affairs and Information and Broadcasting, Government of India, in Kolkata at a grand function attended by regulators, policy makers and luminaries from financial sector and corporate India. Bandhan is the first bank to be set up in eastern part of India post-Independence. This is also the first instance of a microfinance entity being transformed into a universal bank.
The Kolkata-headquartered bank has two divisions — micro banking and general banking, offering a suite of retail financial solutions, including a variety of savings and loan products. Currently, the savings bank account interest rate is 6% for balance above Rs.1 lakh and 4.25% for balance up to Rs.1 lakh. For term deposits, the maximum interest rate offered is 8.25 % for one to three years, with an additional 0.5% for senior citizens.
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