Finance Minister Arun Jaitley today inaugurated Bandhan Bank as a full-fledged scheduled commercial bank in Kolkata, ushering in a new era in country's financial sector, which will now see innovation taking the centrestage to reach out to the unbanked population.<br/><br/>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.<br/><br/>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.<br/><br/>On the occasion, Mr. Jaitley said we need more economic activity in the eastern states of the country, adding that political differences will not come in the way of development of West Bengal. He said, Bandhan Bank will focus on Medium, Small-scale Micro Enterprises. He also said that large corporates are responsible for Non-Productive Assets problem.<br/><br/>The Finance Minister said that expansion of banking system in the country will prevent people from investing in unreliable financial agencies. West Bengal Finance Minister Dr. Amit Mitra and Chairman-cum-Managing Director of Bandhan Bank, Chandrashekhar Ghosh also addressed the gathering.

Finance Minister Arun Jaitley today inaugurated Bandhan Bank as a full-fledged scheduled commercial bank in Kolkata, ushering in a new era in country's financial sector, which will now see innovation taking the centrestage to reach out to the unbanked population.<br/><br/>On the occasion, Jaitley said we need more economic activity in the eastern states of the country, adding that political differences will not come in the way of development of West Bengal. He said, Bandhan Bank will focus on Medium,Small scale Micro Enterprises. He also said that large corporates are responsible for Non-Productive Assets problem.<br/><br/>The Finance Minister said that expansion of banking system in the country will prevent people from investing in unreliable financial agencies. The West Bengal Finance Minister Dr. Amit Mitra and the Chairman cum Managing Director of Bandhan Bank, Chandrashekhar Ghosh also addressed the gathering.<br/><br/>Bandhan is the first microfinance 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.<br/><br/>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.