Shares of Bandhan Bank surged 9% on Friday, reaching a high of Rs 204.90, after the Reserve Bank of India (RBI) approved Partha Pratim Sengupta as the bank’s new Managing Director & CEO.
In a regulatory filing, Bandhan Bank stated that the RBI, in a letter dated October 8, 2024, granted prior approval for Sengupta’s appointment for a three-year term. His appointment will be effective from the date he takes charge, which is set to be no later than November 10, 2024.
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Bandhan Bank received Sengupta’s formal acceptance of the position on October 9, followed by confirmation on October 10. Sengupta will step down from his other roles in compliance with the conditions of his appointment as MD & CEO.
Previously, on October 5, Bandhan Bank’s board extended the term of interim head Ratan Kumar Kesh for one month, with his tenure now ending on November 10, 2024.
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Additionally, Bandhan Bank announced the completion of a forensic audit concerning its insurance claims under the CGFMU and ECLGS schemes. As of March 31, 2024, the bank has fully provided for and written off its non-performing portfolio under these schemes, having claimed Rs 916.61 crore from the NCGTC in December 2022.