Bandhan Bank To Open 40 New Branches By December

Bandhan Bank Ltd. would add another 40 branches by Dec. 31, taking the total number to 978, the Kolkata-based lender's founder and Chief Executive Officer CS Ghosh said on Wednesday.

Ghosh said five new branches would be opened on Wednesday. The total number of ATMs would be 476, he said.

The Reserve Bank of India had earlier imposed restrictions on Bandhan Bank's branch expansion, after it failed to pare promoters' stake to 40 percent from close to 82 percent, within the stipulated three-year time frame.

The lender commenced operations on Aug. 23, 2015.

“The bank had received prior approval from the RBI for opening the new branches,” Ghosh told PTI.

“We are working on the process of stake dilution of the promoting company in the bank,” he added.

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