The Kolkata-based lender’s MD and CEO Chandra Shekhar Ghosh will retire on July 9, after spending practically a decade on the helm.
In a inventory alternate submitting, Bandhan Financial institution mentioned the Reserve Financial institution of India has appointed Arun Kumar Singh, a retired chief common supervisor on the central financial institution, as an Extra Director on its board for a interval of 1 12 months from June 24, 2024 to June 23, 2025. Singh, aged 60 years, has working expertise of virtually 36 years in RBI.
In accordance with sources conversant in the event, the RBI has appointed the extra director on the financial institution’s board to help a “easy” administration transition as its MD and CEO’s time period is coming to an finish shortly and the successor choice course of remains to be on.
On the succession plan, Ghosh, throughout an earnings name with analysts and buyers final month, had mentioned, “A search committee has been fashioned and it has appointed headhunters.”
This autumn outcomes
Suresh Ganapathy at Macquarie Capital, in a word on Tuesday, mentioned the RBI’s transfer “is extra of a prudent measure”.
Bandhan Financial institution reported a 93.24 per cent year-on-year fall in its web revenue to ₹54.62 crore for the fourth quarter final fiscal because the financial institution’s whole provision soared by over two-fold on account of whole technical write off of ₹3,852 crore of dangerous loans, largely microfinance, throughout the quarter.
The financial institution mentioned the technical write off was a “prudent and conservative” transfer to “strengthening” its asset high quality. The lender additional mentioned it was a “very outdated portfolio” throughout the Covid instances.
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