1. Bandhan Bank sees GST benefit in long term

Bandhan Bank sees GST benefit in long term

Bandhan Bank is expecting to gain from the Goods and Services Tax roll out, though majority of its lending portfolio is with small and micro enterprises.

By: | Kolkata | Published: June 29, 2017 9:06 PM
Bandhan Bank, GST, GST benefit, Goods and Services Tax roll out, banks, banking and finance, banks news, latest news, latest updates, latest information Currently, Bandhan has 80 lakh borrowers, of which 75 lakh are women. (Representative Image: PTI)

Bandhan Bank is expecting to gain from the Goods and Services Tax roll out, though majority of its lending portfolio is with small and micro enterprises. “There may be some teething concerns on GST in the near term, but it will have a positive impact on our business,” Bandhan Bank managing director and CEO Chandra Sekhar Ghosh said here today on the sidelines of a Merchants’ Chamber of Commerce programme. Nationwide small businesses are expressing worry and remained concerned of GST. Trade bodies have also called a nationwide bandh on June 30 in protest. “As a banker, we will be able to know details of transactions by the borrower and this will help in increasing transparency,” Ghosh said.

Currently, Bandhan has 80 lakh borrowers, of which 75 lakh are women. Bandhan, a micro-finance company, transformed into a bank and in their first full-year operation, it has posted Rs 1,112 crore profit in FY17′. Addressing the members of the chamber, Ghosh said while credit growth by NBFCs had registered a growth of 15–20 per cent last year, that of banks fell by 5.1 per cent. During that time large banks were saddled with NPA, but at Bandhan 57,000 people received loans last year with a repayment rate of 100 per cent, he said.

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Ghosh said Bandhan soon expects to open nostro account in US Dollar and informed they have already opened in Pound and Euro, which will help in dealing forex transactions.

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