Veteran banker takes over leadership of Bandhan Bank.

The Reserve Bank of India has approved the appointment of Partha Pratim Sengupta as the new CEO and Managing Director of Bandhan Bank. The private bank announced this in a recent statement. Sengupta, who has nearly four decades of experience in the banking industry, previously held senior positions at the State Bank of India, the largest financial institution in India. Additionally, Sengupta served as the CEO of the state-owned Indian Overseas Bank from 2020 to 2022. At Bandhan Bank, he succeeds Chandra Shekhar Ghosh, who retired in July after nearly a decade at the helm. In a separate report, Bandhan Bank announced the completion of an audit by the National Credit Guarantee Trustee Company. This audit related to loan claims granted under a government guarantee scheme during the COVID-19 pandemic. The outstanding payment to Bandhan Bank amounts to 3.15 billion rupees. The review by the government agency concerned loans issued under a government-backed program to secure payments in the event of microloan defaults by small borrowers. Back in June, the Reserve Bank of India appointed a director to the board of Bandhan Bank without providing reasons, while the audit was still ongoing.