Bandhan will operate about 70 percent of its operations in rural areas and majorities of the staff, who are educated up to high school and graduation, are placed. The rest 30 percent staff will deal with the large middle-class retail clientele.

It is expected to open 600 new branches across 22 states of the country and planning to open 10 million accounts at once. It is expected to start operation by April 2015.

Prior to this, United bank of India is one such bank of Kolkata that was set up 64 years back in 1950 and nationalized in 1969.

Bhaskar Sen, Former Chairman and Managing Director of United Bank said “A new bank in the city is always expected to draw a huge response; many people who left home for jobs in Mumbai or Delhi would like to return to the city”

“Since Bandhan is going to be a first-generation bank, there are many people wanting to work in its setting up. It will start from scratch — from process management to IT — offering a good opportunity for job growth” he added.

At present,  Bandhan has 2,116 branches across the country with 6,200 crore as loan outstanding and has a shares of nearly 25 percent in the microfinance market.

The investors of Bank include International Finance Corp, the World Bank’s private investment arm, Sidbi, Financial Inclusion Trust and Northeast Financial Inclusion Trust.

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