Having been in the micro-finance business for 13 years, Kolkata-based Bandhan Financial Services is now gearing up to become a bank. Chairman and Founder Chandra Shekhar Ghosh is confident that his company will be a success as a bank, says CNBC-TV18's Gopika Gopakumar.
More on this little-known company and the man behind it: With RBI granting his company Bandhan Financial Services in-principle approval to set up a bank , Chandra Shekhar Ghosh has become a national figure overnight. But Ghosh, who is the son of a sweet vendor, says that when he set up Bandhan as a micro-finance institution 13 years ago, the next logical step of a banking foray was not on his radar.
Chandra Shekhar Ghosh, CMD, Bandhan said that he didn't think of becoming a banker while starting the MFI. "If it's serving low income in an affordable cost funding, I'd need to take deposits from people. If I take deposits then why not become a bank. From 2009, trained myself along with the organisation to go that way" comments Ghosh.
The chance to set up a bank is just one more feather in Bandhan's cap. Primarily started as an initiative to provide training to other MFIs, Bandhan has become the largest NBFC MFI in India.
It boasts of a Rs 6,000 crore loan book spread across 22 states with 54 lakh borrowers. The 13,000 employee-strong organisation is well capitalised, with a capital adequacy of 22 percent.
Its net worth stands at Rs 1,100 crore that is more than double the RBI-prescribed Rs 500 crore needed to acquire a bank licence. It also enjoys the backing of marquee investors like SIDBI and IFC.
But this success has not come easy.
Ghosh says, "2001 when I started microfinance so many of the people told me that you will not succeed in this because poor are not bankable. So I succeeded in that and this is the recognition of that."
Bandhan now has 18 months to comply with RBI's regulations before it can begin banking operations and Ghosh already has strong ideas on who his customers will be.
"We have now got the banking licence in-principal which has helped us to give the whole banking services to our existing customers along with other customers who are not accessing the banking services from the existing banks", adds Ghosh.
Meeting the requirements may not prove too difficult. After all, Bandhan survived unscathed as an MFI when bigger players like share MicroFin, Asmitha Microfin and Spandana Sphoorty Financial were compelled to restructure debt to stay afloat.
When he gets the final go-ahead from the RBI 18 months from now, Ghosh will become the first Kolkata-based private entrepreneur in independent India to set up a bank. And Bandhan, the first micro-finance company to do so.
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