Kolkata, May 15 (KNN) In order to facilitate swift transition from a micro finance institution (MFI) to a bank, Bandhan Financial Services Ltd, which got an in-principle nod from RBI for launching banking services in April, has appointed Deloitte as an advisor to prepare its roadmap in the banking sector.

Bandhan’s Chairman and Managing Director, Chandra Shekhar Ghosh told several newspapers that they have appointed Deloitte as an adviser and consultant to help them make a foray into the banking sector in 18 months.

A team of 30, comprising people from Bandhan and Deloitte would be set up to execute the banking project.

Several other reputed firms like McKinsey, Boston Consultancy Group, PwC, Ernst & Young and KPMG have also applied for getting the mandate from Bandhan, he added.

Bandhan said that it would also appoint an IT consultant for developing the software and hardware needed for the transiting from MFI operations to banking operations.

The MFI has said that Delloite will work closely with a 30-member internal team that had been set up by Bandhan for facilitating a smooth transition to a bank.

Bandhan has plans to set up 600-700 branches initially across country, with around 80 per cent branches in the rural areas and rest in the urban areas.

The existing investors in Bandhan are IFC and SIDBI. (KNN/SD)