RBI appoints retired CGM AK Singh on Bandhan Bank board
It may be noted that the development comes ahead of Bandhan Bank's founder and chairman CS Ghosh's retirement from the bank on July 9.
The Reserve Bank on Monday appointed AK Singh as an additional director on the board of Bandhan Bank.
The appointment of Singh, a career central banker who retired as chief general manager of RBI, is for one year, the Kolkata-headquartered lender said in a regulatory filing.
Bandhan Bank, however, did not specify the factors which have necessitated Singh's appointment. There are not too many instances of such actions by the central bank.
A recent precedent would include appointing a serving RBI official on the board of private sector lender RBL Bank, following reports of certain concerns in the running of the bank.
It may be noted that the development comes ahead of Bandhan Bank's founder and chairman C S Ghosh's retirement from the bank on July 9.
The microlender turned bank is grappling with a high proportion of stressed advances and has been wanting to reduce the share of unsecured loans in the overall pie.
The Bandhan Bank scrip closed 0.67% down at Rs 207.75 a piece on the BSE on Monday, as against gains of 0.17% on the benchmark.
Edited by Megha Reddy
