The RBI vide its communication dated June 8 has granted approval for re-appointment of Ghosh for a period of three years, with effect from July 10, 2021, Bandhan Bank said in a stock exchange filing. “The re-appointment as above is subject to the approval of shareholders at the ensuing annual general meeting of the bank,” the filing read.
Notably, the Kolkata-based private sector lender started operations on August 23, 2015, and it was the first instance of a microfinance entity transforming into a universal bank in India. The board of directors of the bank at its meeting held November 2, 2020 approved the re-appointment of Ghosh as the MD & CEO of the bank for a period of five years with effect from July 10, 2021, subject to approval of the RBI and the shareholders Ghosh, who has been one of foremost proponents of microfinance in India, founded Bandhan in 2001 as a not-for-profit enterprise that stood for financial inclusion and women empowerment through sustainable livelihood creation. He was on the forefront of its transformation into an NBFC-MFI and finally the universal bank.