Bandhan Bank Names Ratan Kumar Kesh as Interim MD and CEO

Bandhan Bank's board has approved Ratan Kumar Kesh as the interim MD and CEO starting July 10, following the exit of founder MD and CEO Chandra Shekhar Ghosh. This appointment will last for three months or until a new MD and CEO is appointed, whichever comes first.

The bank stated in a regulatory filing, "We would like to inform that pursuant to the approval of the RBI and on the basis of the recommendation of the Nomination and Remuneration Committee, the board of the bank, at its meeting held today has approved the appointment of Ratan Kumar Kesh ED & Chief Operating Officer, as interim MD & CEO, with effect from July 10." The bank also noted that Kesh's appointment is subject to shareholder approval.

Bandhan Bank's Journey

Chandra Shekhar Ghosh announced his departure on April 5. He has been with Bandhan Bank since its inception in 2015. Bandhan Bank started operations on August 23, 2015, with 501 branches and 50 ATMs across 24 states. It was the first microfinance institution from the eastern region to become a universal bank.

In 2018, Bandhan Bank was listed on stock exchanges. The following year, it acquired Gruh Finance to offer more affordable banking solutions for home buyers. The Reserve Bank of India (RBI) had given in-principle approval to only two entities—Bandhan Bank and IDFC Ltd—on April 2, 2014, to establish universal banks.

Ghosh's tenure saw significant milestones for Bandhan Bank. Under his leadership, the bank expanded its reach and diversified its services. The acquisition of Gruh Finance in 2019 was a strategic move to enhance its offerings in the housing finance sector.

Regulatory Approvals

The bank's statement highlighted that Kesh's appointment as interim MD and CEO is pending shareholder approval. This step follows recommendations from the Nomination and Remuneration Committee and approval from the RBI.

Bandhan Bank's transformation from a microfinance institution to a universal bank marks a significant achievement in India's banking sector. The bank continues to grow under new leadership while maintaining its commitment to providing accessible banking solutions.

The transition period will be crucial for Bandhan Bank as it seeks a permanent MD and CEO. Ratan Kumar Kesh's interim leadership aims to ensure stability during this phase. The bank remains focused on its mission to serve diverse customer needs across India.