Shares of Bandhan Bank rose by 9.2% to ₹205 during Friday’s trading, reaching a level not seen since September 27. This surge followed the Reserve Bank of India (RBI) approving Partha Pratim Sengupta as the new Managing Director (MD) and Chief Executive Officer (CEO) of the bank for three years.
The bank has been looking for a new MD and CEO since Chandra Sekhar Ghosh stepped down on July 9. Ratan Kesh, one of the executive directors, has been serving as the interim MD and CEO.
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In a regulatory filing, Bandhan Bank stated, “The RBI, in its letter dated October 8, 2024, approved Mr. Partha Pratim Sengupta’s appointment as MD & CEO for three years, effective from the date he takes charge.” The bank confirmed that Mr. Sengupta accepted the position on October 9, 2024, and confirmed on October 10 that he would resign from his other roles to comply with the appointment terms.
Mr. Sengupta previously worked as the Chief General Manager for the SBI Kolkata Circle from 2016 to 2018, overseeing West Bengal, Sikkim, and the Andaman and Nicobar Islands. He was also the MD and CEO of Indian Overseas Bank from 2020 until December 2022.
Other Updates
In a separate filing, Bandhan Bank announced that the National Credit Guarantee Trustee Company had finished auditing loan claims made under a government guarantee scheme. The bank is set to receive a payout of ₹314 crore related to loans given during the COVID-19 pandemic. This scheme was designed to help lenders in case small borrowers defaulted on their microloans.
Bandhan Bank started its operations on August 23, 2015, with 501 branches and 50 ATMs across 24 states after receiving RBI’s in-principle approval to establish a universal bank. It is the first microfinance institution from the eastern region to become a universal bank.
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