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Bandhan Bank, the private sector lender, is making significant strategic moves in Mumbai and beyond. With an investment of approximately Rs 160 crore, the bank is purchasing commercial space in Mumbai, marking its entrance into the country's financial hub. The new corporate office, situated in the Bandra Kurla Complex (BKC), will encompass a treasury as well. The construction, spanning 40,000 sq ft, is anticipated to be completed in the fourth quarter of the current fiscal year.
Additionally, the bank is focusing on reinforcing its presence through a zonal office-cum-government business centre in New Delhi. This initiative aims to foster communication with government departments for potential government-related activities. Furthermore, a back-office space is in the works in Navi Mumbai, encompassing 65,000 sq ft, as the bank fortifies its operational capacities.
Bandhan Bank, commemorating eight years of its banking journey, is not only expanding its physical footprint but also advancing its digital offerings. In the current year, it has inaugurated 350 new branches, pushing the total to 1,586, with intentions to launch another 150 by the following March.
Chandra Shekhar Ghosh, the managing director of Bandhan Bank, emphasizes the importance of widening their reach geographically while maintaining a commitment to inclusive banking. Presently, 56% of the bank's operations are concentrated in the eastern and north-eastern regions. Ghosh emphasizes the necessity of establishing a strong physical presence to attract new depositors and foster trust, thereby bolstering the retail depositor base. Despite digital expansion, Ghosh emphasizes the complementarity of physical presence in creating a trust factor among customers.
Looking forward, Bandhan Bank envisions not only a strategic geographical diversification but also a broadening of its portfolio. The bank recognizes the synergy between digital innovation and physical expansion, aiming to capitalize on both to bolster its growth and outreach. This multifaceted approach aligns with the bank's holistic vision of inclusive banking while adapting to an evolving financial landscape.
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