Earlier in the year, it raised Rs 40 crore from non-bank lender Capital First and Mumbai-based firm Param Capital.
The MFI has a portfolio of Rs 5,561 crore at the end of September, which grew 39 per cent year on year.
Company plans to begin ops through business correspondent partners before it gets a formal NBFC licence.
The trio is seeking a non-bank finance licence from the Reserve Bank of India for their new initiative.
"We plan to open all the branches for which we received licenses by December 31," Ghosh said.
Helming a full-service central bank comes with its challenges where you have done some good and some bad by ignoring key issues.
The rifts were many amid an uneasy calm that tipped over with Patel deciding to quit.
With the government owning 21 banks that have nearly 70%of assets, there would be a temptation to dilute norms — be they capital or bad loans recognition.
Experts are expecting that the channels of negotiations may open up like in the past.
In his tenure, Patel had cut repo rate once in October 2016, but then raised it thrice by equal 25 bps dose each time since August 2017 to 6.5%, much against the government’s wishes.
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