BANKING AFFAIRS

Detailed explanation-1: -Bandhan is the first microfinance company to start operation as a commercial bank. Q. Bandhan Financial Services, a Micro Financial Institution (MFI), on 23 August 2015 started operations as a Scheduled Commercial Bank (SCB).

Detailed explanation-2: -In 1974, SEWA (Self-Employed Women’s Association) Bank, a cooperative bank, was established in Ahmedabad; as one of the first modern-day microfinance institutions in the country.

Detailed explanation-3: -Bandhan Bank started operations as a universal bank on August 23. It became the first microfinance company in India to get a universal banking licence. On the day of the launch, the Bank started with 2, 523 banking outlets.

Detailed explanation-4: -History of microfinance The modern use of the expression “microfinancing” has roots in the 1970s when Grameen Bank of Bangladesh, founded by microfinance pioneer Muhammad Yunus, was starting and shaping the modern industry of microfinancing.

Detailed explanation-5: -The correct answer is Bandhan Bank. Bandhan Bank has become the first micro-finance company in India to start operation as a full-fledged scheduled commercial bank.