Bandhan Financial Services gets final RBI nod
BANKING/FINANCE Bandhan Financial Services gets final RBI nod by Shrutee K / DNS Mumbai, June 17, 2015: Bandhan Financial Services Ltd, India’s largest microfinance company, today got the final nod from the Reserve Bank of India (RBI) to set up a universal bank. The bank is planned for launch in Kolkata – the city where Bandhan is headquartered - on August 23, 2015. Bandhan had received the RBI’s in- principle licence in April 2014. Since then, the company has been working towards transforming itself into a bank, a task for which it appointed five specialized agencies - Deloitte Touche Tohmatsu India Pvt. Ltd. as consultant for the banking project; FIS as the information technology (IT) partner; Aon Hewitt to design the human resources and compensation policy for employees; Madison Media for the advertising campaign; and Ogilvy & Mather to handle the brand-building exercise. Bandhan recently completed raising INR 1,020 crore equity from International Fina...