Kolkata: Private sector Bandhan Bank, the first microfinance institute (MFI) to come up under the universal banking landscape in the country, has already started its IPO process.

“When we got the in-principle license from RBI (Reserve Bank of India), we were asked to come out with IPO by 2018," founder and CEO of Bandhan Bank Chandra Sekhar Ghosh said at the second foundation anniversary here on Wednesday evening. Now that we have completed two full years and a year left for the IPO, the process has been already started, he said.

The bank has embarked upon selecting investment bankers/banker to start with, Ghosh said. “It was imperative to start the process now. Else we will not be able to conduct the entire IPO process by 2018," he said.

Consultation with all the stakeholders would have to be and will take time, he said.

The size and the timing of the issue would be decided later, he said. The bank posted a net profit of 327 crore in the first quarter of current fiscal.

In the first two years, the bank mobilised deposits of Rs23,500 crore with a loan book of Rs21,000 crore. The bank so far has a network of 840 branches across India and 383 ATMs, he said.

Bandhan Bank would soon enter the distribution of insurance and mutual fund products, Ghosh said.

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