RBI includes Bandhan Bank in second schedule list

Reserve Bank on November 5, included Bandhan Bank in the second schedule list. The newly launched bank now is eligible for loans from the central bank at bank rate. Bandhan Bank Limited has been included in the Second Schedule to the ReserveBank of India Act, 1934. A scheduled bank is eligible for loans from the RBI at bank rate. They are also given membership to clearing houses. Besides, Industrial Bank of Korea and Korea Exchange Bank Co Ltd have been included in the second schedule.

What is Bandhan Bank?
  • Bandhan Bank is a Kolkata based bank. Founder is Chandra Shekar Ghosh and Chairman, Ashok Kumar Lahiri.
  • Bandhan Bank is the first instance of a micro-finance entity in India transforming into a universal bank.
  • It received an in-principle approval from the RBI in April 2014 and the banking regulator’s final nod on June 17, 2015.
  • Bandhan Bank on August 23, 2015 began operations as a full-fledged bank with 501 branches and 1.43 crore
    accounts across the country

Try it…

What does S in SWFs stand for?

ANS: Sovereign (WF-Wealth Funds)