Bandhan Bank has decided to expand its services from the current 701 branches to 1,000 branches by August 2017. Bandhan Bank’s MD and CEO, C.S. Ghosh announced on the second anniversary of the bank that they will surely have at least 1,000 branches and additional products.
Currently, 45% of the branches are in West Bengal, of which 68% are in rural and semi-urban areas. Majority of the new branches are planned to set in urban areas, the aim is cater to the financial needs of affluent societies of these areas. The bank recognises the need to bring the multiple population segments together in order to maintain a rapid pace of growth and compete with older as well as much larger banking entities.
With this view, the bank intends to expand its current base of rich and middle class clients from the current level to a much larger number of 8 lakhs.
It is also reported that a new United Payment Interface (UPI) mobile application will be launched to make sure seamless fund transfer and business payments is enabled. This would not only increase the convenience of Bandhan Bank’s customers but also support the government’s aim of a cashless economy.