Bandhan Bank appoints Ratan Kumar Kesh as interim MD and CEO

PTI, Jul 7, 2024, 8:14 AM IST

New Delhi: Private sector Bandhan Bank on Saturday said its board has approved the appointment of Ratan Kumar Kesh as interim MD and CEO from July 10, a day after its founder MD and CEO Chandra Shekhar Ghosh is set to exit office.

Ghosh, who announced his exit on April 5, has been MD and CEO of the bank since its incorporation in 2015.

The appointment of Kesh is for a period of three months or till the new MD and CEO takes charge, whichever is earlier, according to the bank’s regulatory filing.

“We would like to inform that pursuant to the approval of the RBI and on the basis of the recommendation of the Nomination and Remuneration Committee, the board of the bank, at its meeting held today has approved the appointment of Ratan Kumar Kesh ED & Chief Operating Officer, as interim MD & CEO , with effect from July 10,” it said, Kesh’s appointment as Interim MD & CEO is subject to the approval of the Shareholders of the bank, it added.

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.

The Reserve Bank of India (RBI) issued in-principle approval to only two entities, Bandhan Bank and IDFC Ltd, on April 2, 2014, to set up a universal bank.