The Reserve Bank of India (RBI) has appointed Arun Kumar Singh as an additional director on the Board of the Kolkata-based Bandhan Bank following the retirement of bank’s chief Chandra Shekhar Ghosh. Singh, a retired Chief General Manager of the RBI, will serve in this capacity from June 24, 2024, to June 23, 2025.
Bandhan Bank disclosed this development in a communication to stock exchanges on June 24. The appointment of Singh comes as the bank prepares for the retirement of its Managing Director and CEO, Chandra Shekhar Ghosh.
Ghosh is set to step down at the end of his current tenure on July 9, 2024, after which he will take on a larger strategic role within the Bandhan group.
The bank has engaged recruitment firm Egon Zehnder to identify suitable candidates for the CEO position.
Arun Kumar Singh brings nearly 36 years of experience with the RBI, having worked in various capacities including Non-Banking Supervision & Regulation, Banking Supervision & Regulation, Financial Inclusion, and Monetary Policy.
His extensive background also includes roles in Information Technology, Enforcement Actions against Banks & Non-Banks, and Government Banking. Additionally, Singh has served as the RBI nominee director on the boards of five banking and non-banking entities and had a three-year tenure as Regional Director for the State of Rajasthan.
Last year, Uday Kotak, the founder MD and CEO of Kotak Mahindra Bank, stepped down from the post effective September 1. Kotak steered the bank for almost two decades.
Bandhan Bank, launched on August 23, 2015, began with 501 branches and 50 ATMs across 24 states. It holds the distinction of being the first microfinance institution from the eastern region to transition into a universal bank. The bank's growth trajectory includes a successful stock market listing in 2018 and the acquisition of Gruh Finance in 2019, aimed at enhancing affordable banking solutions for homebuyers.
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