India cenbank approves veteran Partha Pratim Sengupta to head Bandhan Bank

Indian Overseas Bank

10/10/2024 17:00

BENGALURU, Oct 10 (Reuters) - India's central bank has
approved the appointment of veteran banker Partha Pratim
Sengupta as chief executive officer and managing director of
Bandhan Bank  BANH.NS , the private lender said in a filing on
Thursday.
    Sengupta, who has been part of the banking industry for
nearly four decades, previously held leadership positions at the
State Bank of India  SBI.NS , the country's largest lender. 
    He was also managing director and chief executive officer of
state-owned Indian Overseas Bank  IOBK.NS  between 2020 and
2022. At Bandhan Bank, he will replace Chandra Shekhar Ghosh,
who retired this July after nearly a decade at the helm.
    Bandhan Bank stated in a separate filing that the National
Credit Guarantee Trustee Company had completed an audit of loan
claims filed by the lender under a guarantee scheme and said the
remaining claims payout to the bank stood at 3.15 billion
rupees.
    The audit by the government agency was related to a set of
loans the bank had given out as part of a government-backed
scheme during the COVID-19 pandemic. The scheme was meant to
ensure payments to lenders in the case of defaults on micro
loans by small borrowers.
    The Reserve Bank of India had appointed a director to the
board of Bandhan Bank in June, while the audit was underway,
without disclosing the reason for the move.

 (Reporting by Nishit Navin in Bengaluru; Editing by Pooja
Desai)
 ((Nishit.Navin@thomsonreuters.com;))