Press "Enter" to skip to content

RBI lifts ban on Bandhan Bank network expansion

New Delhi, Feb 25 () The Reserve Bank on Tuesday allowed Bandhan Bank to expand its branch network after considering the efforts made by the private lender to comply with the licensing conditions. The central bank in September 2018 had barred Bandhan Bank from expanding its network as the lender failed to reduce the promoters’ stake to 40 per cent from close to 82 per cent within the stipulated three-year time frame of commencing operations. “We would like to inform that the Reserve Bank of India vide its letter dated February 25, 2020 has informed that though the bank is still not in compliance with the licensing condition on dilution, considering the efforts made by the bank to comply with the said licensing condition,” Bandhan Bank said in a regulatory filing. Currently, the promoters’

Source link

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

INX News All Rights Reserved.2020.