Bandhan Bank has opened five branches and planning to add 40 more before the end of December, taking the total number to 978. The bank had received prior approval from the Reserve Bank of India (RBI) for opening the new branches. Earlier, the Central Bank had imposed restrictions on the bank's branch expansion, after it failed to pare promoters' stake to 40% from close to 82%, within the stipulated three-year time frame.
Bandhan Bank is an Indian banking and financial services company headquartered in Kolkata, West Bengal. Bandhan, which started as a micro-finance company in 2001, received banking licence by Reserve Bank of India in 2014.
