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Kolkata-based Bandhan Bank on Monday announced a 60 basis point (0.60 per cent) reduction in micro loan lending rates. The new rate of interest will be 19.90 per cent and will come into effect from today.
According to a release issued by the bank, before commencing operations as a bank, Bandhan as a microfinance entity gave loans at 22.4 per cent. After becoming a bank, it slashed rates by 140 bps (1.40 per cent) last year to 21 per cent. Subsequently, in April this year the micro lending rate was reduced by another 50 bps making it 20.5 per cent.
Currently, Bandhan Bank operates across 29 Indian states and Union Territories through a network of 688 branches, 2,022 Doorstep Service Centres (DSCs) and 237 ATMs. Since its launch, the bank has mobilized close to Rs. 15,000 crore deposits.
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