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News on Medial
Bandhan Bank CEO Chandra Shekhar Ghosh to step down when tenure ends in July
Livemint
·
1y ago
Medial
Chandra Shekhar Ghosh, the founder of Bandhan Bank, has announced that he will step down as the bank's managing director and chief executive when his term ends on 9 July. Ghosh stated that he wants to assume a broader strategic role after stepping down but did not elaborate on his future position. While the bank's board had approved his reappointment for three more years, it has not yet been cleared by the Reserve Bank of India. Ghosh's resignation has raised concerns, as the bank faces possible forensic audit of its guaranteed loan portfolio and management attrition.
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Bandhan Bank CEO Chandra Shekhar Ghosh to retire in July
VCCircle
·
1y ago
Medial
Bandhan Bank's CEO, Chandra Shekhar Ghosh, is set to retire on July 9th. Ghosh has been with the bank for nearly a decade after setting it up as an NGO in 2001 and later acquiring a non-banking finance company. The bank will need to nominate a potential replacement and obtain final approval from the Reserve Bank of India for a new CEO.
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RBI clears appointment of Partha Pratim Sengupta as MD and CEO of Bandhan Bank
YourStory
·
11m ago
Medial
- Partha Pratim Sengupta has been approved by the RBI as the new MD and CEO of Bandhan Bank for a three-year period. - Sengupta's tenure starts from a date no later than November 10, 2024, according to Bandhan Bank's regulatory filing. - He will replace Founder MD and CEO Chandra Sekhar Ghosh, who stepped down on July 9. - Sengupta retired as the MD and CEO of Indian Overseas Bank and has over four decades of experience in both retail and corporate banking. - He was groomed at State Bank of India, where he held the role of Deputy Managing Director and Chief Credit Officer. - Bandhan Bank was launched in 2015 as the first microfinance institution to become a universal bank in the Eastern region.
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RBI names former central banker on Bandhan Bank board to aid succession
Livemint
·
1y ago
Medial
The Reserve Bank of India (RBI) has appointed a former central banker, Arun Kumar Singh, to the board of Bandhan Bank ahead of CEO Chandra Shekhar Ghosh's retirement. The reason for the appointment is to ensure a smooth transition at the bank and support oversight of the board of directors. The move comes as Bandhan Bank undergoes a forensic audit on a portion of its loan book. Ghosh had previously announced his retirement and expressed confidence in the bank's leadership team for a smooth transition.
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Shantanu Mitra to step down as SMFG India's CEO and MD
Economic Times
·
3m ago
Medial
Shantanu Mitra, CEO and managing director of SMFG India Credit, will step down at the end of the month. This decision coincides with Sumitomo Mitsui Financial Group's plan to acquire a 20% stake in Yes Bank for ₹13,483 crore, pending Reserve Bank of India approval. SMFG India Credit, a 100% SMFG subsidiary, has yet to find a replacement for Mitra, whose tenure was set to end in September. Mitra served in the position since 2021.
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Paytm Payments Bank announces board rejig
Livemint
·
1y ago
Medial
Paytm Payments Bank Limited has reconstituted its board of directors following regulatory action from the Reserve Bank of India. The new board members, including former Central Bank of India Chairman Srinivasan Sridhar and retired IAS officer Rajni Sekhri Sibal, have been appointed as independent directors. Paytm founder Vijay Shekhar Sharma will step down as the non-executive chairman and board member to facilitate the transition. The new board is expected to enhance governance and operational standards as the payments bank plans to continue its operations despite RBI's directive to wind down.
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YES Bank, Bandhan Bank, PVR INOX, ZEEL: Stocks trading below Covid 19 lows
Business Today
·
5m ago
Medial
Several stocks such as YES Bank, Bandhan Bank, PVR INOX, and ZEEL are trading below their Covid-19 lows. YES Bank's current price is Rs 16.86, down from Rs 39.75 in March 2020, dropping 31% in the past year. Bandhan Bank has fallen 17% since March 2020. PVR INOX and ZEEL have also depreciated significantly. Other affected stocks include Whirlpool, Relaxo Footwears, and Rajesh Exports, indicating a broader market downturn.
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Samsung-backed startup's CEO Shoval refuses to quit after new CEO announced
Inshorts
·
12m ago
Medial
Nadav Shoval, the Founder of Samsung-backed billion-dollar tech company OpenWeb, refused to step down as CEO after Tim Harvey was announced as his successor. He wrote an email to the staff saying the board "falsely" said he was stepping down when it was not his intent. Meanwhile, Tim emailed the staff that CEO transition is in the process as planned.
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Paytm Payments Bank CEO Surinder Chawla resigns
VCCircle
·
1y ago
Medial
Surinder Chawla has resigned from his position as the CEO and Managing Director of Paytm Payments Bank in India, citing personal reasons. His resignation is effective from June 26, and a successor has not yet been announced. This announcement follows Vijay Shekhar Sharma stepping down as non-executive chairman of Paytm Payments Bank. The Reserve Bank of India had previously ordered Paytm Payments Bank to wind down its operations due to compliance issues, but the company was granted a third-party app license to continue facilitating payments after its banking unit ceased operations.
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Bandhan Financial completes acquisition of digital insurance firm Aegon India
VCCircle
·
1y ago
Medial
Bandhan Financial Holdings Ltd has completed its acquisition of Aegon Life Insurance Company Ltd from Aegon India Holding B.V. and Bennett, Coleman & Company Ltd. This marks Bandhan Financial's entry into the insurance sector and makes it a promoter of Aegon Life Insurance. The deal was announced in July 2023 and closed on February 23, 2024. Bandhan Financial will retain Aegon Life's management team and staff, and hopes to expand its reach in the Indian life insurance market. Aegon Life's CEO, Satishwar B., believes the acquisition will allow for the expansion of innovative insurance solutions across the country.
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Paytm Payments Bank CEO & MD Surinder Chawla Steps Down
Inc42
·
1y ago
Medial
Paytm Payments Bank CEO and MD, Surinder Chawla, has resigned citing personal reasons and a desire to explore better career prospects. The company has not yet announced a replacement for Chawla. Paytm Payments Bank has been facing regulatory challenges recently and has reconstituted its board with five independent directors. Paytm founder and CEO, Vijay Shekhar Sharma, had also stepped down from the board earlier. The Reserve Bank of India had barred Paytm Payments Bank from certain activities due to flaws in its internal detection mechanisms and high user complaints.
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