Bandhan Picks Deloitte For Banking Foray
Bandhan Financial Services, the country’s biggest microfinance company, has engaged Deloitte to advise it on its transition to a bank. The Reserve Bank of India (RBI) has given in-principle approval to Bandhan and infrastructure lending company IDFC for setting up banks and told them to get ready by October next year for the final licence. “We are geared up to meet the challenges in this transformation,” Chandra Shekhar Ghosh, chairman and managing director, Bandhan, told ET. Ghosh said Deloitte has been selected from six top-rung consultancy firms that had evinced interest to assist Bandhan, including Boston Consulting Group, Ernst & Young and KPMG. Deloitte had worked with Bandhan for preparing its banking licence application. “We are working on meeting the requirements specified by RBI and is expected to set up the bank well ahead of RBI’s deadline,” Ghosh said. The name of the bank would be Bandhan Bank.