Band­han Picks Deloitte For Bank­ing Foray

The Economic Times - - Markets & Finance - OUR BU­REAU

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.

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