(MENAFN- KNN India) Micro finance institution (MFI) Bandhan has received Rs 1,020 crore as equity from IFC, SIDBI and GIC Sovereign Fund of Singapore.
Chairman of Bandhan Financial Services C S Ghosh was quoted as saying in some media reports.
IFC has given Rs 344 crore, SIDBI - Rs 35 crore and GIC - Rs 640 crore, Ghosh said. The latest equity infusion would take Bandhan's net worth to Rs 2,616 crore.
Ghosh said that the RBI has been intimated about this and MFI is waiting for the final banking licence from the reserve bank.
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. (KNN Bureau)
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