Bandhan gets fresh equity of Rs 1,020Cr from GIC, IFC and others

Bandhan gets fresh equity of Rs 1,020Cr from GIC, IFC and others

By PTI

  • 12 May 2015

Microfinance institution (MFI) Bandhan has got fresh equity infusion of Rs.1,020 crore with GIC Sovereign Fund of Singapore becoming a new shareholder.

“We have received Rs.1,020 crore as equity from IFC, SIDBI and GIC,” chairman of Bandhan Financial Services C.S. Ghosh said. IFC (International Finance Corp.) has given Rs.344 crore, SIDBI )Small Industries Development Bank of India) Rs.35 crore and GIC Rs.640 crore, Ghosh said, adding that with this, the MFI’s capital base has reached Rs.2,616 crore.

Ghosh said the Reserve Bank of Indiam(RBI) has been intimated about this development, after which it will give the final banking licence. 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. It plans to start banking operations by October.