Bandhan Bank Ltd., the Kolkata-based private lender, informed the exchanges on 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 period until June 2025.
Arun Kumar Singh was previously Chief General Manager at the central bank.Banking sources have told CNBC-TV18 that the RBI has appointed Singh as Additional Director to ensure a smooth leadership transition.
He has previously served as the nominee director of the RBI on the boards of five banking and non-banking entities.
On April 5 this year, Bandhan Bank had informed the exchanges that MD & CEO Chandra Shekhar Ghosh, who has been at the helm of affairs since July 2015, will retire on completing his tenure on July 9.
“I sincerely request the Board to accept my decision.”Shares of Bandhan Bank have declined 15% so far in 2024 and rank among the worst performing stocks on the Nifty Bank index this year.
Bandhan Bank Ltd., the Kolkata-based private lender, informed the exchanges on 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 period until June 2025. Arun Kumar Singh was previously Chief General Manager at the central bank.Banking sources have told CNBC-TV18 that the RBI has appointed Singh as Additional Director to ensure a smooth leadership transition. This comes just two weeks before incumbent Managing Director & CEO Chandra Shekhar Ghosh retires on July 9.The sources further said that there are no material concerns behind the RBI's decision to appoint the Additional Director.As per Bandhan's exchange filing, Arun Kumar Singh has worked for over three-and-a-half decades at the RBI. He has previously served as the nominee director of the RBI on the boards of five banking and non-banking entities. On April 5 this year, Bandhan Bank had informed the exchanges that MD & CEO Chandra Shekhar Ghosh, who has been at the helm of affairs since July 2015, will retire on completing his tenure on July 9."After leading the bank for almost a decade, including three consecutive tenures as MD & CEO, I feel that the time has now come for me to assume a larger strategic role at Bandhan group level," Ghosh had written in a letter addressed to the board. “I sincerely request the Board to accept my decision.”Shares of Bandhan Bank have declined 15% so far in 2024 and rank among the worst performing stocks on the Nifty Bank index this year.
