Pressman To Set Up Bank In Assam

Pressman Ltd has signed a memorandum of understanding (MoU) with the Assam government on March 7 to set up a private sector bank with its registered office and corporate headquarters at Guwahati.

The banking company will have a paid up capital of Rs 100 crore with the state participating in the equity capital by investing Rs 10 crore through its corporations, undertakings and departments. The promoters of the bank intend to mobilise the balance subscription of Rs 90 crore.

The bank will have joint promoters, and we are having talks with some overseas companies, said Niren Suchanti, chairman and managing director of Pressman. He, however, added that the company has no plan to allow the foreign parties to have a majority stake in the bank.

 

The company has applied to the RBI for a license to start the bank. The chief minister of Assam, Prafulla Kumar Mahanta, has said that the state will try its level best in getting the RBI license. The state has also promised land for setting up the corporate headquarters of the company in a suitable commercial area of Guwahati. According to Suchanti, the bank will start operations within three to six months of its receiving the RBI approval.

The primary reason as to why the company chose Guwahati of all places is because in Assam we will be the first private sector bank, and we are also receiving a lot of support from the state government, said Suchanti.