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Bandhan Bank opens 5 new branches after RBI nod, plans 40 more by month end

With the 40 new ones, the count would be 978 by end-December. With Wednesday's development, it was 943

Namrata Acharya  |  Kolkata 

RBI, RESERVE BANK OF INDIA, CENTRAL BANK

Bank, restricted by the (RBI) from opening new branches without its approval, opened five on Wednesday and plans 40 more before the end of this month.

has approved, said C S Ghosh, managing director and chief executive. had in September withdrawn its earlier ‘general’ permission to for new branches and also froze Ghosh's remuneration. This was after failed to comply with the August 23 limit for bringing down its promoters’ shareholding (now 82 per cent) to 40 per cent of the total equity. Earlier, the bank had set a target of 1,000 branches by March 2019. With the 40 new ones, the count would be 978 by end-December. With Wednesday's development, it was 943.

“No decision has been taken on opening further branches after December. It will depend upon the business plan,” said Ghosh.

First Published: Thu, December 13 2018. 01:59 IST
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