Veteran Banker Joins Board
Arun Kumar Singh, a retired chief general manager with almost 36 years of bank experience, was added to the board of Bandhan Bank by the Reserve Bank of India (RBI) as a new director. Singh will take office on June 24, 2024, and serve a one-year term. Chandra Shekhar Ghosh, the managing director and CEO of Bandhan Bank, is set to retire soon, coinciding with this appointment.
Singh’s Extensive Experience
Singh offers the board a plethora of expertise. He has held a number of positions in important areas during his tenure at the RBI, including Government Banking, Non-Banking Supervision & Regulation, Banking Supervision & Regulation, Financial Inclusion, Monetary Policy, and Information Technology. In addition, he has managed enforcement operations against non-banks and banks. Singh also held the post of regional director for the state of Rajasthan for three years and served as an RBI nominee director on the boards of five banking and non-banking organizations.
Ghosh to Step Down in July
Ghosh, who has led Bandhan Bank for nearly a decade, will retire on July 9, 2024, after serving three consecutive terms as MD and CEO. He has expressed his desire to transition to a larger strategic role within the Bandhan group. The bank is actively searching for a new CEO with the help of recruitment firm Egon Zehnder.
Ghosh’s Legacy: Building Bandhan from the Ground Up
Ghosh’s journey with Bandhan began in 2001 when he founded it as an NGO. He left his secure job to embark on this entrepreneurial venture, starting with his own savings, contributions from relatives, and even loans from moneylenders. Once the microfinance model proved successful, financial institutions began to lend their support.
Bandhan acquired a Non-Banking Finance Company (NBFC) in 2006, naming it Bandhan Financial Services Ltd (BFSL). While BFSL focused on microfinance activities, the NGO continued its development work. By 2010, it had become the country’s leading microfinance institution. Witnessing the positive impact Bandhan had on women borrowers, empowering them to become successful entrepreneurs, inspired Ghosh to take the organization to the next level.
From NGO to Bank: A Remarkable Transformation
Capitalizing on the government’s announcement of issuing fresh bank licenses in 2013, Ghosh and BFSL jointly applied for one in July of that year. This marked a significant milestone in Bandhan’s journey, transforming it from a successful NGO and NBFC into a full-fledged bank.
With Singh’s appointment and the ongoing search for a new CEO, Bandhan Bank is preparing for the next chapter. Ghosh’s leadership and vision have been instrumental in Bandhan’s remarkable growth story. The bank is now poised to continue its success under new leadership, while Singh’s experience brings valuable guidance and stability to the board.
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