Page 5 - Banking Finance May 2019 N

BANK UPDATE

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Bandhan Bank gets CCI HDFC Bank to add 100 new branches in northeast
HDFC Bank said that it will open 100 more branches in the northeast region in
nod to acquire Gruh next three years. The bank will open 100 more
Bandhan Bank has received approval branches in the Northeast, taking its branch network
from the close to 230 in the next three years and as a part of
Competition the expansion plan. It would also double the number
Commission of its branches in Sikkim to 18, HDFC Bank Managing
of India Director Aditya Puri said.
(CCI) for the HDFC Bank started operations in the Northeast in 2004. As of December 31,
proposed 2018 the bank network in the region comprised 126 branches and 203 ATMs.
scheme of amalgamation of Gruh The bank network will also work with the 650 Common Service Centres (CSCs) to
Finance with the bank.
be set up in the region by the government for financial services in rural area.
In a notification to the bourses,
Bandhan Bank said: "The CCI has by "We believe in making an impact to lakhs of people here not just by offering our
way of its letter dated April 15, full-suite of products and services, but also by creating a positive change in the
2019, intimated that CCI, at its communities in which we operate," Puri said. He said that company's corporate
meeting held on April 15, 2019, con- social responsibility has impacted the lives of close to 10 lakh of people in the
sidered the proposed combination Northeast.
and approved the same under sub-
section (1) of Section 31 of the Com- Bandhan Bank to open five more branches
petition Act, 2002." Bandhan Bank opened a branch at Burrabazar in Kolkata. The private sector
Bandhan Bank had, in January, an- lender plans to open five more to take the count to 986
nounced the merger of Gruh Finance by March 31, managing director Chandra Shekhar Ghosh
with it. The move was taken to bring said. It's total number of banking outlets would be 4,000
down promoter holding in the bank by the end of this month from 3,014 now. The bank has
to 61 per cent from 82.3 per cent. presence across 34 of the 36 states and union territories.
According to the share-swap ratio,
for every 1,000 shares of Gruh Fi- Jan Dhan deposits to cross Rs. 1 lakh cr
nance, shareholders will get 568 The total deposits in bank accounts opened under the Jan Dhan scheme, which
shares of Bandhan Bank. The bank, was launched about five years ago by the Modi-government, are set to cross Rs
which had received RBI nod for the 1 lakh crore soon. The total balance in the Jan Dhan accounts, which has been
scheme, had recently got approval steadily rising, was at Rs 97,665.66 crore as on April 3, as per the latest govern-
from the BSE and the NSE.
ment data.

BANKING FINANCE | MAY | 2019 | 5