RBI Gives Green Light to Partha Sengupta as New MD & CEO of Bandhan Bank – Set to Take Charge by November

Partha Pratim Sengupta, who was previously the Managing Director of Indian Overseas Bank, is set to become the new Managing Director and CEO of Bandhan Bank. The Reserve Bank of India (RBI) has approved his appointment for three years, starting from when he takes charge, which will be no later than November 10, 2024, according to Bandhan Bank’s official statement.

Sengupta’s appointment was recommended by Bandhan Bank’s board, and he has accepted the offer as of October 9. He will step down from his current roles to meet the conditions of his new position.

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Earlier, on October 5, the bank’s board had extended the term of interim head Ratan Kumar Kesh until November 10.

Sengupta has had a long career in banking, beginning at the State Bank of India (SBI) where he eventually became Deputy Managing Director and Chief Credit Officer. He later led Indian Overseas Bank for about two years, until December 2022. He holds a degree in Physics and is also a Certified Associate of the Indian Institute of Bankers. He has received leadership training from institutions like Harvard Business School, IIM Calcutta, and ISB Hyderabad.

In a separate development, Bandhan Bank announced that a forensic audit related to its insurance claims with the National Credit Guarantee Trustee Company had been completed. About 65% of the claims will be settled, resulting in a payout of Rs 1,231.29 crore. Some claims were excluded due to operational challenges during the COVID-19 restrictions in FY 2020-21.