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Villagers have a new opportunity coming their way — the Bandhan Bank, which opened its doors a few days ago with a mandate to cater to the unbanked rural population. A micro-finance entity that has transformed into a bank with RBI approval, it has a network of 501 branches and 1.43 crore accounts across 24 states. Village folk now have another source of funds, especially if they want a loan or finance to start a micro-enterprise. Bandhan will use its time-tested, handheld point-of-sale devices to collect deposits from the customer’s doorstep. Villagers can simultaneously withdraw money from their account.
“Generally banks take money (deposits) from rural and semi-urban areas and lend it to big borrowers. But we will take money from rural and semi-urban areas and give it to the same regions,” said Chandra Shekhar Ghosh, MD and CEO, who had founded Bandhan as a micro-finance institution 14 years ago.
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