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SBI and Bandhan Bank planning to move their back office verticals to fintech hub of Kolkata


Banks like and are planning to move several of their back office verticals and processing centers in the sprawling fintech hub of Kolkata which is being built on 70 acre in New Town area.

As many as 28 financial institutions and legal firms have already taken land in the fintech hub, for which foundation stone was laid in 2012, one year after Mamata Banerjee came to power ending three decades of Left rule.

The government on Friday made the land booking and registration process online. About 48 acre of 70 acre has been allotted so far.

The government has also made rules easier for mutual funds to acquire land here.

Entities other than mutual funds, become eligible for a plot of land in the fintech hub if and only if they have annual revenue in excess of Rs 500 crore every year for three years.

Bandhan Bank has taken two plots in the hub and is planning to build its headquarter here as well as create a currency chest and back office, managing director Chandra Shekhar Ghosh said at the event to launch the online facility.

SBI chief general manager Ranjan Kumar Mishra said the bank is contemplating various of its verticals and processing centers here.

The hub, which is located at one of the most modern townships adjacent to Kolkata, is expected to be ready in three to four years time.



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