In an exclusive interview with BT TV, Bandhan Bank managing director Chandra Shekhar Ghosh outlined his vision for the digital payments market and stated that the bank may offer its long-awaited credit card by March 2024.
“We have been introducing new products on a regular basis in response to customer demand.” We have not yet used credit cards. “Hopefully, we’ll be done by the end of this fiscal year,” Ghosh told BT TV.
In 2019, the Kolkata-based private bank launched a co-branded credit card in collaboration with Standard Chartered Bank, which was made available to 40 lakh savings bank account holders across 1,000 branches.
Bandhan Bank provided three co-branded credit card variants: One for the mass market, Plus for the affluent group, and Xclusive for the premium segment.
The bank has introduced the ‘INSPIRE’ program for older citizens, which caters to their unique financial needs, including favorable interest rates and priority banking, as well as doorstep services.
Bandhan Bank
Senior adults will be able to access healthcare benefits, expanded banking services, and exceptional interest rates on fixed deposits (FD) using a specially designed INSPIRE membership card. This all-in-one package is jam-packed with features that will let seniors retire with confidence.
Sujoy Roy, Bandhan Bank’s head of branch banking, described the initiative as a “comprehensive bouquet of benefits meticulously designed for senior citizens.”
Earlier this week, on December 21, Bandhan Bank’s board of directors approved the transfer of Rs 776 crore in non-performing loans (bad loans) to an asset reconstruction company (ARC). The bank stated in a regulatory statement that it is attempting to sell the loans to the asset reconstruction business via the Swiss challenge bidding process.
“On December 21, 2023, the bank’s board of directors approved the proposal to transfer the bank’s housing finance NPA portfolio, with Days Past Due of more than 180 days and an outstanding of Rs 775.62 crore (as of September 30, 2023), to another bank.”
Crisil stated in a recent credit ratings assessment that the bank’s gross and net non-performing assets climbed to 7.3% and 2.3%, respectively, as of September 30, 2023, from 4.9% and 1.25%, respectively, as of March 31, 2023.
In the July-September quarter, the bank’s gross non-performing asset (GNPA) grew by 14.8% year on year. Its gross NPA was Rs 7,874 crore in the July-September quarter, up from Rs 6,854 crore the previous year. Gross NPA was Rs 6,961 crore in the previous quarter.
In July-September, its net NPA ratio was 40% year on year. In the reporting quarter, the net NPA was Rs 2,366 crore, up from Rs 1,679 crore.
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