The Reserve Bank of India (RBI) has approved appointment of former Indian Overseas Bank MD, CEO Partha Pratim Sengupta as MD, CEO of Bandhan Bank for a period of three years, according to an exchange filing by the bank.

“On the basis of recommendation of the Board of Directors of Bandhan Bank Limited (‘the 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 Managing Director & Chief Executive Officer (‘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 lender 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, the bank said.

Sengupta, who succeeds interim CEO Ratan Kumar Kesh, has nearly four decades of experience in the banking industry. He has worked in different geographies, across both retail and corporate banking. Before becoming the chief of Indian Overseas Bank, Sengupta was associated with State Bank of India, where he rose to the role of deputy MD and chief credit officer.

“In both his stints, at SBI and at IOB, he has leveraged technology and innovation for achieving business results. Mr. Sengupta has spent his career in a range of retail and corporate branches and business,” Bandhan Bank said in the filing.

A change of guard was necessitated at Bandhan Bank after its founder and former MD CS Ghosh unexpectedly decided to hang his boots in July this year. Kesh was appointed as interim CEO of the bank following Ghosh’s retirement.

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