IFC to inject Rs 160 cr in Bandhan
07/07/2014 00:11
International Finance Corporation, an arm of the World Bank, will infuse Rs 160 crore into micro finance institution (MFI) Bandhan, which is to be transformed later into a full-fledged bank, reported PTI. "IFC will shortly infuse Rs 160 crore as Tier II capital in Bandhan", chairman of the MFI Chandra Sekhar Ghosh told PTI. "IFC already holds 11 per cent stake in Bandhan. They are interested in further financial participation", he said. Bandhan's Tier I capital at present stood at Rs 1,200 crore, while Tier II would be Rs 160 crore after the infusion, added the media report. As an MFI, Bandhan's capital adequacy was at 21 per cent, Ghosh said, adding that for the bank this would be required to be at 13 per cent as per Basel III norms. IFC would give the money as long term debt for a period of seven years, Ghosh said. Besides IFC, the World Bank itself was also showing interest in Bandhan, Ghosh told media.
07/07/2014 00:11
International Finance Corporation, an arm of the World Bank, will infuse Rs 160 crore into micro finance institution (MFI) Bandhan, which is to be transformed later into a full-fledged bank, reported PTI. "IFC will shortly infuse Rs 160 crore as Tier II capital in Bandhan", chairman of the MFI Chandra Sekhar Ghosh told PTI. "IFC already holds 11 per cent stake in Bandhan. They are interested in further financial participation", he said. Bandhan's Tier I capital at present stood at Rs 1,200 crore, while Tier II would be Rs 160 crore after the infusion, added the media report. As an MFI, Bandhan's capital adequacy was at 21 per cent, Ghosh said, adding that for the bank this would be required to be at 13 per cent as per Basel III norms. IFC would give the money as long term debt for a period of seven years, Ghosh said. Besides IFC, the World Bank itself was also showing interest in Bandhan, Ghosh told media.
