Bandhan-Konnagar expected to get Rs900 crore from World Bank, 3 states

Thursday, April 12, 2018

By Soumonty Kanungo

At least Rs900 crore is expected to flow into Bandhan-Konnagar, a non-profit and the forebear of Bandhan Bank, from the World Bank and three state governments over the next five years as the organisation scales up its poverty alleviation initiatives to benefit at least 300,000 families.

Founded by Chandra Shekhar Ghosh, managing director of Bandhan Bank, as the vehicle through which he made tiny working capital loans until he transferred the business to a non-banking financial company, Bandhan-Konnagar helps underprivileged women to acquire skills to start their own businesses.

A registered society, Bandhan-Konnagar was founded in 2001. Its micro-credit business carved out in 2009, following which it has focused exclusively on poverty alleviation. It started two trusts—Financial Inclusion Trust and North East Financial Inclusion Trust—which indirectly own substantial minority stake in Bandhan Bank.

Photo courtesy of Peter Haden.

Source: Livemint (link opens in a new window)

microfinance, nonprofits, poverty alleviation