Bandhan Bank’s new appointment: The Reserve Bank of India (RBI) has appointed Arun Kumar Singh as an additional director for Bandhan Bank, coinciding with the impending retirement of the bank’s founder, Chandra Shekhar Ghosh, on July 9.
In an official filing, Bandhan Bank announced that Arun Kumar Singh, the retired Chief General Manager of the RBI, will serve as an additional director for a one-year term from June 24, 2024, to June 23, 2025, or until further orders, whichever comes first.
Despite his retirement, Ghosh has expressed his intention to continue playing a strategic role within the bank.
Bandhan Bank faces significant challenges, and Ghosh’s exit raises questions about the bank’s future direction and its ongoing efforts to implement a revival blueprint.
On Monday, shares of Bandhan Bank fell by 0.67 per cent, closing at Rs 207.75 on the BSE, down from the previous close of Rs 209.15. The lender’s market capitalisation dropped to Rs 33,467 crore.
Arun Kumar Singh’s background
Arun Kumar Singh, aged 60, brings nearly 36 years of experience with the RBI. His extensive background includes roles in non-banking supervision and regulation, banking supervision and regulation, financial inclusion, monetary policy, information technology, and enforcement actions against banks and non-banks. He has also served as an RBI nominee director on the boards of five banking and non-banking entities and completed a three-year tenure as Regional Director for the State of Rajasthan.
Singh holds a degree in Economics, an MBA in Finance and HR, and is a Certified Associate of the Indian Institute of Banking (CAIIB).
The appointment of Singh is anticipated to provide strategic guidance to Bandhan Bank as it seeks to balance its loan portfolio. Currently, the bank’s portfolio consists of 57.4 per cent unsecured loans and 42.6 per cent secured loans, with a target to achieve a 50:50 ratio by FY26.
