Bandhan bank issues clarification to an article by BQ Prime and refutes the allegations made in the article, through an exchange filing. The bank claimed that the allegations were false, lacked base and were misleading in nature.
The bank stated that it had a strong credit policy in place for all types of lending products that also include Microfinance Loans. These policies according to the bank are in line with the guidelines by RBI. The bank also added, "Any loan is disbursed only after thoroughly assessing the creditworthiness of the borrower, which in no case exceeds the load applied for by a borrower."
The bank also clarified that it follows the disclosure norms with its relevant stakeholders. They also clarified that Bandhan Bank's deposits from micro-credit customers was only at 4 per cent of its total deposits as of the third quarter of financial year 2023 and has been around the same level for the last several quarters.
The bank also reiterated that there is no difference between the sanctioned and disbursed amount for microfinance loans. It also added that there is no process or mechanism that allows Bandhan Bank to withhold any disbursed amount in the account of the applicant.
Bandhan Bank shares
The shares of Bandhan Bank on Tuesday at 10:19 am IST were at 209.30, down by 0.36 per cent. In the early trading sessions it had gone down to Rs 209.
