Calcutta, April 24: Microfinance institution Bandhan Financial Services is planning to appoint a consultant within two weeks to help it transform itself into a full-fledged bank.
Earlier this month, the Reserve Bank of India granted licences to Bandhan and IDFC Ltd to start banks.
“We will appoint a consultancy firm to transform our microfinance operation into a bank. We are talking to different consultancy firms such as Deloitte, McKinsey, Ernst & Young, BCG and KPMG. We expect to appoint a consultant within two weeks,” Bandhan Financial Services chairman and managing director Chandra Shekhar Ghosh said.
He said the consultant would also advise Bandhan on the formation of the board of the proposed bank as well as on the hiring process.
Bandhan expects to start banking operations within a year.
At present, it is in the process of aligning its microfinance business with the proposed banking operations.