The Reserve Bank of India (RBI) has approved the appointment of Partha Pratim Sengupta as the new managing director (MD) and chief executive officer (CEO) of Bandhan Bank. The former chief of Indian Overseas Bank will assume his role for a three-year term, with his transition expected no later than November 10 this year, Bandhan Bank said in a regulatory filing on Thursday.
“On the basis of recommendation of the board of directors of Bandhan Bank, the Reserve Bank of India (RBI), vide its letter dated October 08, 2024, has granted its prior approval for the appointment of Mr Partha Pratim Sengupta as MD & CEO of the bank, for a period of three years with effect from the date of taking charge, which shall not be later than November 10, 2024,” the bank said.
The proposal for appointment of Sengupta will be placed before the nomination and remuneration committee and the board for consideration and approval, in due course.
Sengupta replaces founder MD and CEO Chandra Sekhar Ghosh, who stepped down on July 9. Currently, Ratan Kesh, one of the executive directors, is serving as the interim MD and CEO.
With nearly four decades of experience in the banking industry, Sengupta is a seasoned professional who has worked across various geographies in both retail and corporate banking. He began his career at State Bank of India (SBI), where he progressed to become deputy MD and chief credit officer. Most recently, he served as the MD & CEO of Indian Overseas Bank until December 2022.