Bandhan appoints Deloitte as management consultant

Tags: Bandhan, News
Leading micro finance institution Bandhan Financial Services, which has obtained banking licence from the Reserve Bank in April, today appointed Deloitte as its management consultant.

"Today, we have signed an agreement with Deloitte which will work as an advisor to Bandhan and help its transformation into a bank in 18 months," Bandhan's chairman and managing director of Chandra Sekhar Ghosh told PTI.

He said the consultant firm will work closely with a 30- member internal team that had been set up by Bandhan for facilitating a smooth transition from an MFI to a bank.

Several other reputed firms like McKinsey, Boston Consultancy Group, PwC, Ernst & Young and KPMG had also applied for getting the mandate from Bandhan, he added.

Ghosh said that Bandhan would also appoint an IT consultant for developing the software and hardware needed to run modern-day banking operations.

"Bandhan plans to start off initially with 600-700 branches across the country. Some of them may be either existing ones or new," he said.

Around 80 per cent of the branches will be in the rural areas and the rest in the urban regions.

Bandhan, the largest MFI with a market share of 25 per cent, had recently lowered the interest rate by 50 basis points to 22.5 per cent.

IFC and SIDBI were existing investors in Bandhan.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Sebi’s proposal to bring clarity to merger moves is a welcome step

    Market regulator Sebi is reportedly planning changes in rules governing merger and acquisition of companies in India.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Arun Kumar Jain

Prosperity mantra across the ages

The economic prosperity of a nation rests upon its ability ...

Kuruvilla Pandikattu SJ

Can we pop a pill for compassion?

Can altering brain chemistry make us more sensitive to inequality? ...

Gautam Gupta

Fashion forward for e-commerce industry?

Looks like the e-commerce industry is taking a leaf out ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture