Bandhan Bank zooms ~12% as RBI approves new MD & CEO

11 Oct 2024 , 02:45 PM

Bandhan Bank shares rose more than 12% in the morning session after the Reserve Bank of India (RBI) approved Partha Pratim Sengupta to become the new Managing Director and CEO of a private bank.

In today’s trade, the counter touched an intraday high of ₹209.50 on NSE.

At around 2.16 PM, Bandhan Bank was trading 9.74% higher at ₹205.99, against the previous close of ₹187.70 on NSE.

Partha Pratim Sengupta accepted the position on October 9, 2024, and indicated on October 10 that he will leave his previous positions in accordance with the RBI’s terms and conditions. His three-year tenure is scheduled to begin on November 10, 2024.

The appointment will be finalised after receiving approval from the bank’s Nomination and Remuneration Committee.

Bandhan Bank further stated that the National Credit Guarantee Trustee Company (NCGTC) had completed an extensive forensic scrutiny of its claims under the Credit Guarantee Fund for Micro Units (CGFMU) scheme. As of March 31, 2024, the total assessed payout stood at ₹1,231.29 Crore.

The bank had received ₹916.61 Crore in December 2022. According to Bandhan Bank, the final reimbursement as of March 2024 is ₹314.68 Crore, having settled the initial claim.

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