RBI Approves Ex-CEO Of IOB To Lead Bandhan Bank

The Central Bank of India approved Partha Pratim Sengupta as the CEO and managing director of Bandhan Bank on Thursday, October 10, 2024. Partha has been working in the banking industry for more than four decades and has held leadership positions at the country’s largest state owned bank, SBI. Moreover, according to Reuters, Sengupta served as the managing director and chief executive officer of the Indian Overseas Bank between 2020 and 2022. 

He was hired in place of Chandra Shekhar Ghosh, who retired in July 2024 after serving for a decade as the CEO. 

Involvement Of RBI

However, this was not the first time RBI appointed someone to the board of Bandhan Bank. During the audit, the regulator appointed a director to the bank board in June this year without further explaining the move. 

Also read, Ratan Tata’s Demise Shakes India’s Self-Reliance Vision

About The Audit

Bandhan Bank, in a separate filing, announced that the National Credit Guarantee Trustee Company had completed an audit of the bank’s loan claims submitted under a guarantee scheme. The bank noted that the outstanding claims payout amounts to 3.15 billion rupees. 

The audit, conducted by the government agency, pertained to loans the bank issued as part of a government-backed scheme during the COVID-19 pandemic, which was designed to guarantee payments to lenders in the event of defaults on microloans by small borrowers.

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