Former RBI Guv D. Subbarao delivers inaugural Bandhan Bank anniversary lecture
Dr. D. Subbarao, former Governor, Reserve Bank of India, delivered the Inaugural Anniversary Lecture: ‘India: Will the Elephant Start Dancing?’
Subbarao said that India has the promise and potential to be the next growth miracle on the lines of the Japanese, East Asian and Chinese miracles.
At the same time, he emphasized that the India growth story is not inevitable. "It will materialize only if the country does all the right things in the right time," said he.
He outlined a ten – point agenda for the realization of the India story, in particular emphasizing by investment in manufacturing is important for creating jobs and why redressing agricultural distress is necessary to improve welfare.
Chandra Shekhar Ghosh, Founder, Managing Director and Chief Executive Officer, Bandhan Bank Ltd., said: “As we complete two years as a universal bank today, I am happy that we have not only been able to meet all our targets but also exceeded in some of them. I thank our 11 million customers for believing in Bandhan Bank. With their support, we will continue to make banking services accessible to all.”
Currently, the Bank has 3,667 touch points pan India consisting of 840 bank branches, 2,444 Doorstep Service Centres (DSCs) or banking outlets and 383 ATMs.
The Bank has mobilized deposits worth Rs. 23,500 crore and its loan book stands at Rs. 20, 800 crore. Bandhan Bank has a dedicated team of 25,500 employees on roll to serve 11 million customers.
The Kolkata-headquartered bank has two divisions -- General Banking and Micro 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% for balance up to Rs.1 lakh.
For term deposits, the maximum interest rate offered is 7.50% for one year with an additional 0.5% for senior citizens.
Bandhan Bank commenced its operations on August 23, 2015 with 501 branches, 2,022 DSCs and 50 ATMs across 24 Indian states.
The bank was inaugurated by Arun Jaitley, 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 India post-Independence.
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