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Bandhan Bank expects long term benefits from GST
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SME Times News Bureau | 30 Jun, 2017
Kolkata-based private lender Bandhan Bank, which mostly lends to small
and micro enterprises, is hoping to gain from the implementation of the
Goods and Services Tax (GST), a top official said on Thursday.
Small
business units including traders across states have been raising
concerns over the GST and asking to defer the launch of the new indirect
tax system. In a protest, the traders have also called a nationwide
strike on June 30.
"There may be some teething concerns on GST in
the near term but it will have a positive impact on our business in the
long term," the lender's Managing Director and CEO Chandra Sekhar Ghosh
said here on the sidelines of an event of the Merchants' Chamber of
Commerce.
He said the bankers would be able to know details of
transactions by the borrower and this would bring in transparency in the
system.
The micro-finance company which was transformed into a
universal bank has 80 lakh borrowers, of which 75 lakh are women, and
posted Rs 1,112 crore profit in 2016-17.
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