 "Bandhan Bank shares rally 5% after Reserve Bank allows branch network expansion")
New Delhi: Shares of Bandhan Bank on Wednesday jumped nearly 5 percent in early market hours after RBI allowed the private sector lender to expand its branch network .
In September 2018, the central bank had barred Bandhan Bank from expanding its network as the lender failed to reduce the promoters’ stake to 40 percent from close to 82 percent within the stipulated three-year time frame of commencing operations.
On the BSE, the stock gained 4.8 percent to trade at Rs 423.25. Later, it was trading with marginal gains of 0.78 percent at Rs 407 per unit.
Similarly, on the NSE, the stock jumped 4.72 percent to Rs 423. After shedding most of the early gains, it was quoting at Rs 406.80, up 0.72 percent.
The Reserve Bank of India (RBI) on Tuesday allowed Bandhan Bank to expand its branch network after considering the efforts made by the private lender to comply with the licensing conditions.
The bank said RBI has lifted the regulatory restriction on branch opening, subject to the condition that the bank ensures that at least 25 percent of the total number of banking outlets opened during a financial year are opened in un-banked rural centres.
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