Bandhan Bank announced on Friday the resignation of its founder, managing director, and CEO, Chandra Shekhar Ghosh. According to a regulatory filing by the bank, Ghosh will retire from his role as MD and CEO upon the completion of his current tenure on July 9, 2024.
"After leading the bank for almost a decade, including three consecutive tenures as MD & CEO, I feel that the time has now come for me to assume a larger strategic role at Bandhan group level," Ghosh said in a letter addressed to the board. Hence, Ghosh has decided to retire from the services of Bandhan Bank at the end of his current tenure as MD & CEO, according to PTI report.
"I sincerely request the Board to accept my decision. I am grateful to the Board for continued support and advice over the years which has been a great source of strength," it said.
The Reserve Bank issued in-principle approval to only two entities, Bandhan Bank and IDFC Ltd, on April 2, 2014 to set up universal bank.
Bandhan Bank was launched on August 23, 2015, with 501 branches and 50 ATMs spread across 24 states. It is the first-ever microfinance institution to become a universal bank from the eastern region.
In 2018, Bandhan Bank was successfully listed on the bourses. In 2019, the acquisition of Gruh Finance took place to provide more affordable banking solutions to home buyers.
Observing that the journey of the bank has not been without challenges, Ghosh in the letter said, "We successfully contended and surmounted the challenges posed by demonetisation in 2016, GST introduction in 2017, disruptions caused by cyclones Fani in 2019 and Amphan in 2020, socio-political challenges in a region where we had a deep presence in 2021, and eventually the terrible pandemic." Notwithstanding the challenges, in almost 9 years, Bandhan Bank has garnered Rs 1.35 lakh crore as deposits and advances stand at Rs 1.28 lakh crore as of March 31, 2024, he said, adding that year-on-year growth has been impressive.
Last year, Uday Kotak, the founder MD and CEO of Kotak Mahindra Bank, stepped down from the post effective September 1. Kotak steered the bank for almost two decades.
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