RBI appoints additional director for Bandhan Bank for a year

The Reserve Bank of India (RBI) has appointed an additional director for Bandhan Bank. This comes as founder Chandra Shekhar Ghosh is set to retire on July 9. 

In a filing, the bank said the RBI has appointed Arun Kumar Singh, retired Chief General Manager of the apex bank, as an additional director for a period of one year from June 24, 2024 to June 23, 2025, or until further orders, whichever is earlier.

Shares of Bandhan Bank ended  0.67 per cent lower at Rs 207.75 on Monday against the previous close of Rs 209.15 on BSE. Market cap of the lender fell to Rs 33,467 crore. 

Arun Kumar Singh, 60, is a veteran in the field and has a work experience of almost 36 years in the RBI. He has worked in various capacities in the fields of non-banking supervision and regulation, banking supervision and regulation, financial inclusion, monetary policy, information technology, enforcement actions against banks and non-banks, government banking.

Singh has served as RBI nominee director on the boards of five banking and non-banking entities, and also served a three-year stint as Regional Director for the State of Rajasthan. 

Singh pursued his graduation in Economics, and MBA in Finance and HR. He is also a Certified Associate of the India Institute of Banking (CAIIB). 

The move to appoint Singh is expected to guide the bank in its trajectory ahead. The bank, whose current portfolio is 57.4 per cent unsecured loans and 42.6 per cent secured loans, plans to achieve a 50:50 ratio by FY26.