RBI lifts ban on Bandhan Bank

by Jeremy Spirogis
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Highlights:

  • Ban on Bandhan Bank lifted

  • RBI lifts ban on sure circumstances

  • Bank will get 25% order to open branches in rural areas

  • RBI knowledgeable the financial institution by writing a letter

Raj Express The ban on Bandhan Bank was lifted by the Reserve Bank of India (RBI). With the removing of this ban, this financial institution will now be capable to open many different branches (branches). However, RBI has put sure circumstances earlier than the financial institution to elevate this ban. Read right here, the circumstances laid earlier than the financial institution of RBI. Apart from this, RBI wrote a letter to the financial institution informing them in regards to the lifting of the ban. <! –

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What is the order:

According to the situation positioned by RBI earlier than the financial institution, about 25% of the banking shops can be opened in a monetary yr, the financial institution has to open these shops in rural areas. RBI has given this order to the financial institution for the aim of offering banking services in rural areas, as at present banking services will not be accessible in these areas. For info, tell us that in line with the information obtained from the web site, the whole variety of branches of Bandhan Bank at present in India is 937.

Bank shares soared:

Let us let you know that on February 25, RBI wrote a letter to the financial institution informing them in regards to the lifting of the ban. According to this letter, RBI had allowed the financial institution to open new branches. After getting this permission from RBI, the inventory of Bandhan Bank noticed a surge. Yes, on Wednesday, the financial institution's inventory rose by 5 %. The shares of the financial institution rose 4.8% to Rs 423.25 on BSE inventory. Shares of the financial institution rose 4.72% to Rs 423 on NSE inventory.

The Supreme Court imposed a ban:

According to studies, this ban on Bandhan Bank was imposed by the Supreme Court within the month of September 2018. Under which the financial institution couldn’t open any new department. Let it’s stated that the financial institution was banned by the Supreme Court for not fulfilling the shareholding guidelines. Not solely this, the court docket additionally directed to freeze the wage of Chandra Shekhar Ghosh, chief government of Bandhan Bank. According to the RBI Licensing Guidelines at the moment, the financial institution's monetary holding and the financial institution's promoters had been required to cut back the corporate's inventory to 40% from 82% and the financial institution was ordered to do that in three years.

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