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RBI lifts ban, allows Bandhan Bank to open new branches

Private lender, Bandhan Bank got approval from Reserve Bank of India on tuesday to open branches without its prior approval, lifting a ban on the lender for failing to reduce the promoter's property below the prescribed 40%. RBI removed the restriction in light of the bank's efforts to comply with the said condition of license. The removal of the restriction is subject to a condition that at least a quarter of the new bank outlets to be opened during a financial year must serve rural unbanked centers.

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