BENGALURU (Reuters) – India’s central bank has approved the appointment of veteran banker Partha Pratim Sengupta as chief executive officer and managing director of Bandhan Bank, the private lender said in a filing on Thursday.
Sengupta, who has been part of the banking industry for nearly four decades, previously held leadership positions at the State Bank of India, the country’s largest lender.
He was also managing director and chief executive officer of state-owned Indian Overseas Bank between 2020 and 2022. At Bandhan Bank, he will replace Chandra Shekhar Ghosh, who retired this July after nearly a decade at the helm.
Bandhan Bank stated in a separate filing that the National Credit Guarantee Trustee Company had completed an audit of loan claims filed by the lender under a guarantee scheme and said the remaining claims payout to the bank stood at 3.15 billion rupees.
The audit by the government agency was related to a set of loans the bank had given out as part of a government-backed scheme during the COVID-19 pandemic. The scheme was meant to ensure payments to lenders in the case of defaults on micro loans by small borrowers.
The Reserve Bank of India had appointed a director to the board of Bandhan Bank in June, while the audit was underway, without disclosing the reason for the move.
(Reporting by Nishit Navin in Bengaluru; Editing by Pooja Desai)
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