RBI Appoints Additional Director to Bandhan Bank Board
The Reserve Bank of India has appointed Arun Kumar Singh as an additional director on the board of Bandhan Bank for one year starting from June 24.
Bandhan Bank, established in 2015 and headquartered in Kolkata, West Bengal, transitioned from a microfinance institution into a full-fledged commercial bank. It primarily focuses on financial inclusion, serving underserved and unbanked populations in India. The bank offers a wide range of products, including savings accounts, loans, and insurance. It has a strong presence in rural and semi-urban areas, emphasizing customer-centric services.
RBI appoints additional director
Bandhan Bank Ltd., a Kolkata-based private lender, announced late Monday night that the Reserve Bank of India (RBI) has appointed Arun Kumar Singh as an additional Director on the bank’s board for a one-year term, extending until June 2025. Singh previously served as the Chief General Manager at the central bank. The RBI’s decision to appoint Singh as an Additional Director aims to ensure a seamless leadership transition as the bank prepares for the retirement of its incumbent Managing Director & CEO, Chandra Shekhar Ghosh, on July 9. Sources indicate that there are no significant concerns prompting this appointment, rather, it is a proactive measure to facilitate a smooth changeover in the bank’s leadership. This strategic move underscores the RBI’s commitment to maintaining stability and continuity within Bandhan Bank during this transitional phase.
Bandhan Bank stock slipped 4%
The Bandhan Bank stock that closed the previous session at Rs 207.75 on Monday slipped by more than 4% and made a day low of Rs 198.80. The stock that began the session on Tuesday at Rs.200, The stock currently trades at Rs.204.80 down by 1.51% from its previous day’s closing price.
Conclusion
The RBI’s appointment of Arun Kumar Singh as an additional Director at Bandhan Bank is a strategic measure designed to ensure a smooth leadership transition as current MD & CEO Chandra Shekhar Ghosh approaches retirement. With Singh’s extensive experience and previous role as Chief General Manager at the central bank, the RBI aims to maintain stability and continuity within the bank, underscoring its commitment to effective governance during this critical period.
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