Bandhan raises Rs 1,020 crore from GIC, SIDBI, IFC; awaits final licence from RBI
Updated: May 11, 2015 04:26:53pm
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)