Kolkata: Microfinance institution Bandhan has received a fresh equity infusion of Rs 1,020 crore with GIC Sovereign Fund of Singapore becoming a new shareholder.
"We have received Rs 1,020 crore as equity from IFC, SIDBI and GIC," Bandhan Financial Services chairman C S Ghosh told PTI.
IFC has given Rs 344 crore, SIDBI - Rs 35 crore and GIC - Rs 640 crore, Mr Ghosh said, adding that with this, the microfinance institution's capital base has reached Rs 2,616 crore.
Mr Ghosh said also the Reserve Bank of India (RBI) has been intimated about this development, after which it will give the final banking licence.
Bandhan is in the process of setting up a universal bank. It had obtained an in-principle approval from the RBI in April 2014 to set up a bank within 18 months. It plans to start banking operations by October.
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