Bandhan Invites 20 Percent Application From IIT, IIM

BANGALORE: A microfinance institution named Bandhan that is on the way to become a bank shortly received 15 to 20 percent of applications from the reputed Indian Institutes of Technology and Indian Institutes of Management, reports Namrata Acharya of Business Standard.

Most of the applicants are already employed in top positions at public- and private-sector banks.

Bandhan has opted Kolkata as its headquarters for the proposed banking venture.

After, this finance institution send out advertisement  for the recruitment of 15 posts with three to 15 years of experience, it received around 27,000 applications in just 15 days revealed C S Ghosh, the Chairman and Founder of Bandhan, .

Out of all the applicants received, half of themare from outside West Bengal and several top-notch executives from the corporate world have expressed interest in joining the bank.

Ghosh exclaimed, “We expected this kind of response to our advertisement. One of the criteria for these jobs will be candidates’ willingness to align with the Bandhan philosophy: Working with the poor. We need people from different strata. So, while highly qualified professionals are needed, so are plain graduates,” reports BS.

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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 Rs.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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