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Bandhan Bank lowers interest rate on micro loans by 70 bps to 17.95%

In the last four years of its operations, Bandhan Bank has cut micro loan rates by 445 basis points or 4.45 per cent

twitter-logo PTI   New Delhi     Last Updated: June 17, 2019  | 22:30 IST
Bandhan Bank lowers interest rate on micro loans by 70 bps to 17.95%

Bandhan Bank on Monday said it has slashed the interest rate on micro loans by 70 basis points to 17.95 per cent.

The revised rate will be applicable to new disbursements from Tuesday, the bank said in a statement.

In the last four years since it began operations as a bank, the lender has cut micro loan rates by 445 basis points or 4.45 per cent.

"I believe, with the reduction in micro loan interest rate, more people will find it affordable to borrow money and build sustainable livelihoods for themselves," Bandhan MD amd CEO Chandra Shekhar Ghosh said.

Bandhan Bank has a network of 998 branches and 481 ATMs across the country.

As on March 31, the bank's loan book stood at Rs 44,776 crore with deposits of Rs 43,232 crore.

Also Read:Slowdown Blues: Fitch lowers India's GDP growth forecast to 6.6% for FY20

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