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The Reserve Bank of India (RBI) has approved the appointment of Partha Pratim Sengupta as Managing Director (MD) and Chief Executive Officer (CEO) of Bandhan Bank for a period of three years.

His three-year tenure counts from the date of taking charge, which shall not be later than November 10, 2024, Bandhan Bank said in a regulatory filing.

RBI vide its letter dated October 8, 2024, has granted its prior approval for the position, it said.

The bank has received the acceptance of Sengupta on October 9, 2024, and subsequent confirmation on October 10, 2024, that he will step down from his other engagements in compliance with the terms and conditions of the prior approval for the proposed appointment as MD and CEO of the Kolkata-based lender, it said.

He replaces Founder MD and CEO Chandra Sekhar Ghosh who stepped down on July 9. Currently, Ratan Kesh, one of the executive directors, is serving as the interim MD and CEO.

Sengupta, with over four decades of experience, retired as Managing Director and CEO of the state-owned Indian Overseas Bank (IOB).

He has worked in different geographies, across both retail and corporate banking. He has been groomed at State Bank of India (SBI), where he rose to the role of Deputy Managing Director and Chief Credit Officer of the bank, it said.

Between 2016 to 2018, Sengupta served as Chief General Manager, SBI Kolkata Circle, which included the states of West Bengal and Sikkim and also the Union Territory of Andaman and Nicobar Islands.

In 2018, he was elevated to the rank of Deputy Managing Director and Chief Credit Officer of State Bank of India.

Bandhan Bank was launched on August 23, 2015, with 501 branches and 50 ATMs spread across 24 states after the RBI issued in-principle approval on April 2, 2014, to set up a universal bank.

It is the first-ever microfinance institution to become a universal bank from the Eastern region.

In 2018, Bandhan Bank was successfully listed on the bourses. In 2019, the acquisition of Gruh Finance took place to provide more affordable banking solutions to homebuyers.