Bandhan Bank slashes micro lending rate to 19.9%

Bandhan Bank on Monday said it has reduced lending rate for micro loans by 0.6 per cent or 60 basis points (bps) from Monday to bring it down to 19.9 percent.

It offered micro loans at 20.5 percent and before commencing operations as a bank, its microfinance entity was giving such loans at 22.4 per cent. Immediately after transforming into a bank in August 2015, it slashed its rate by 1.4 percentage points, making it 21 per cent and in April it reduced the rate further to 20.5 per cent.

It has pared its micro loan rate by 2.5 percentage points in three stages in less than 11 months since it started operations as a universal bank, it said in a statement.

Currently, the bank operates across 29 Indian states and union territories through a network of 688 branches, 2,022 Doorstep Service Centres (DSCs) and 237 ATMs. It is serving 8.77 million customers and has mobilized close to Rs 15,000 crore deposits.

--IANS

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