Fri Oct 11 14:11:28 UTC 2024: ## Bandhan Bank Appoints New CEO, Shares Surge

**Kolkata, India (October 9, 2024)** – Bandhan Bank’s shares soared by 9% on Friday after the Reserve Bank of India (RBI) approved the appointment of Partha Sengupta as the bank’s new Managing Director and CEO. Sengupta’s tenure is set to begin no later than November 10, 2024.

The RBI’s approval, granted on October 8, followed a recommendation from Bandhan Bank’s Board of Directors. Sengupta, who has accepted the role, will resign from his current positions to comply with the bank’s requirements.

Sengupta brings extensive banking experience to the position. He previously served as Deputy Managing Director and Chief Credit Officer at State Bank of India and led Indian Overseas Bank (IOB) until December 2022.

Meanwhile, Ratan Kumar Kesh, who has been serving as the interim head, will continue in his role until November 10.

In other news, Bandhan Bank has completed a forensic audit of its insurance claims related to the Credit Guarantee Fund for Micro Units (CGFMU) and the Emergency Credit Line Guarantee Scheme (ECLGS). The bank reported that almost 85% of its insured portfolio, totaling around Rs 20,807 crore under the CGFMU scheme, has been repaid. The remaining non-performing loans have been written off as of March 31, 2024.

Bandhan Bank had previously claimed and received Rs 916.61 crore from the National Credit Guarantee Trustee Company (NCGTC) as of December 2022.

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