RBI Appoints A K Singh as Additional Director on Bandhan Bank Board

The Reserve Bank of India has appointed A K Singh, a retired chief general manager, as an additional director on the board of Bandhan Bank for one year. This move follows some concerns and precedes the retirement of the bank's founder and chairman, C S Ghosh.

The Reserve Bank of India (RBI) has taken a decisive step by appointing A K Singh as an additional director on the board of Bandhan Bank. Singh, a seasoned central banker, retired as the chief general manager of the RBI.

This strategic move is set for a one-year duration as stated by the Kolkata-based bank in a regulatory filing. The exact reasons behind Singh's appointment remain unspecified by Bandhan Bank. However, such actions are rare and reflect significant regulatory scrutiny.

The appointment follows shortly before the scheduled retirement of Bandhan Bank's founder and chairman, C S Ghosh, on July 9. Amidst these leadership changes, the bank is handling a high proportion of stressed advances and aims to reduce its share of unsecured loans. On Monday, Bandhan Bank's stock saw a slight decline of 0.67% to Rs 207.75 per share, while the benchmark index observed a marginal gain of 0.17%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)