Bandhan Bank first MFC to function as bank
Q. Name the micro finance company that becomes the first to start operation as a commercial bank?- Published on 31 Aug 15a. PayTm Bank
b. Vodafone m-Pesa Bank
c. Yes Bank
d. Bandhan Bank
ANSWER: Bandhan Bank
Bandhan is the first micro-finance company to transform into a bank. Reserve Bank of India has turned liberal in doling out banking licenses to entities of different capabilities. It has just issued 11 in-principle licenses to set up payments banks. Bandhan Bank will primarily cater to the unorganized sector like daily wage earners and women running small businesses -- the segments that had been its borrowers for a decade. As a bank, it will also offer savings, remittance and insurance services and try to raise its stake in the bottom of the pyramid customers.
