'Blue-painted' West Bengal gives India its newest bank

With Bandhan from West Bengal becoming India's newest full-service bank to begin operations, Finance Minister Arun Jaitley today said a 'blue-painted' city has given birth to a new institution which was not the case when it was 'painted red' -- referring to the past Left rule.
"When the city was painted red, new institutions were not born, but the existing ones shifted. Now painted blue a new institution is born today, indicating the birth of a Bangla entrepreneur," Jaitley said as he inaugurated operations of Bandhan Bank.
Bandhan Bank today launched its operations with 501 branches in the country. The company, which started operations as a micro finance institution, got final approval from RBI in June to launch commercial banking operations.

Referring to the shift in regime in West Bengal from a long-running Left rule to Mamata Banerjee-led Trinamool Congress government, Jaitley said there has been a change of colour of the city from red to blue.
"In my younger years, I saw the city painted red. Now the whole city has been painted blue", he said.
Jaitley added that some of the policies of the past should be done away with and realisation of the potential was important.

Stating that the state would get all financial benefits as announced earlier as well as the proceeds of coal auctions, he promised that political differences would not come in the way of development of West Bengal.

"Political differences will continue. But that will not matter for the development of West Bengal."
Reiterating Prime Minister Narendra Modi's statement that growth of India would not happen unless the eastern part of the country also grew, Jaitley said, "Growth of eastern states is important for the growth of India. There has to be more economic activity in eastern UP, Bihar, Odisha and West Bengal."
"Cooperation between the Centre and state will work towards that", he said.