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Which was the first microfinance bank to become fully convertible in the scheduled bank category?

1. Cholamandalam Distribution Services Limited
2. Bandhan Bank
3. Vodafone m-pesa Limited
4. Citibank

Correct answer: Bandhan Bank

Solution

Bandhan Bank was formed from Bandhan Financial Services, a microfinance institution, and became a scheduled commercial bank. It is widely known as the first microfinance institution in India to convert into a bank.

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