India’s largest microfinance firm ,Bandhan,will finally become a bank on 23rd August.Some of its members like Ashoka will deposit Rs.1000 while others like Sankari will deposit Rs.10.One of the wealthy in the group-Keya Chakraborty who runs a wholesale medicine business will deposit as much as Rs.5000 at first.

Have you ever heard of Bandhan?Well it needs little introduction-

Bandhan born in 2001 under the guidance of Mr.Chandra Shekhar Ghosh works with socially disadvantaged and economically exploited women.It works for their upliftment and economic liberation.To achieve its goal ,Bandhan provides microfinance services to the poor women.It carries its microfinance activities under Bandhan Financial Services Limited formed under companies act ,1956.It is also registered with RBI as a Non Banking Financial Company.

Now as Bandhan is becoming a bank,there are many perks for banking with this newly born.Do you know that Sankari will get an ATM card with her name on it even with a deposit of Rs.10.Moreover,all the facilities would be available to MFI account holders as those provided to standard savings account holder apart from the new facility of doorstep banking which only Bandhan will provide.Bandhan’s microfinance business worth nearly Rs.10,000 crore.The integration of its microfinance business with its banking business is being planned very carefully and is being executed in a very orderly manner.In Bandhan’s MFI operations,the lowest strata will comprise of credit officers who don’t need to have much professional qualification except a class 12th certificate.Their experience will what get them promotion.The credit officer will report to a brach manager who will have under him 5-6 of credit officers.These branch managers will report to a regional manager who again will have 5-6 branch managers under him.The regional manager reports to divisional head who will have 8 regional managers under him and finally the divisional head will report to one of the four zonal heads placed in kolkata.

As of now,Bandhan has 2022 branches in the country.The functioning of this hub and spoke model is yet to be finalised.It is expected that a person will be able to do upto Rs.50,000 transactions in the small branches.

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