Bandhan bank news update
Today, at the opening bell, the stock of private sector lender Bandhan Bank experienced a significant decline of nearly 9% following the announcement of the retirement of its Managing Director and CEO, Chandra Shekhar Ghosh, effective July 9, 2024. Ghosh, who has been at the helm of the bank since July 10, 2015, will step down after nearly nine years of leadership.
Acknowledging Ghosh’s personal decision to retire, the bank’s board issued a statement and suggested the possibility of appointing an interim CEO in the interim period. Moreover, the company disclosed its strategic focus on the microfinance segment and outlined plans to reduce its provisions moving forward.
Bandhan Bank was born with a bouquet of products for customers in all segments. In its journey from an NGO to an NBFC and finally a universal bank, the objective has remained reaching out to the unbanked and the under-banked and providing last-mile banking for all, big or small. Driven by the philosophy of ‘Aapka Bhala. Sabki Bhalai.’, (Your benefit. Everyone’s welfare.) Bandhan Bank’s core purpose has graduated from financial inclusion to inclusive banking.
