October 11, 2024
New Delhi, India
Bandhan Bank Shares
Shares of Bandhan Bank soared by 9.2% in intraday trading on Friday, reaching ₹205 per share after the Reserve Bank of India (RBI) approved the appointment of Partha Pratim Sengupta as the bank’s Managing Director (MD) and Chief Executive Officer (CEO) for a three-year term.
Key Developments
- Appointment of Partha Pratim Sengupta
- The RBI issued its approval for Sengupta’s appointment on October 8, 2024.
- Sengupta will officially take charge as the MD and CEO once he steps down from his current positions, a process already in motion as of October 10.
- Background of Partha Pratim Sengupta
- Previously served as Chief General Manager of SBI Kolkata Circle from 2016 to 2018.
- He also led Indian Overseas Bank as the MD & CEO from 2020 to 2022.
- Vacancy Since July 2024
- Bandhan Bank had been seeking a replacement since former MD & CEO Chandra Sekhar Ghosh stepped down in July 2024.
- Ratan Kesh, an Executive Director, had been acting as the interim MD & CEO.
Additional Updates
- Loan Claims Audit:
Bandhan Bank also revealed that an audit by the National Credit Guarantee Trustee Company found that the bank is entitled to a payout of ₹314 crore under a government-backed loan guarantee scheme. - History:
Founded in August 2015, Bandhan Bank transitioned from a microfinance institution to a universal bank, marking a key milestone for the eastern region of India.
Bandhan Bank shares were trading at 206 a piece up 10% at 11:07 IST>
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.