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Deloitte to help Bandhan

Bandhan Financial Services is engaging Deloitte Touche Tohmatsu India to advise it on setting up its banking operations as envisaged by the license granted to it by the Reserve Bank of India. The consultancy will offer Bandhan a suitable roadmap for its foray into the banking industry. Chandra Shekhar Ghosh, founder and managing director of Bandhan, said the microlender had been having discussions with several consulting firms and it has finalized on Deloitte. In April, RBI had granted in-principle bank licences to IDFC and Bandhan to start new banks. Bandhan has already set up a core team to work on the transition, Ghosh said. The company is expected to transfer its existing microfinance operations to the new bank as RBI norms do not permit a group, which promotes a bank, to run financial service business within the group other than the bank. It will use its existing talent pool for the new bank and would hire professionals from outside for specialized roles.

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