Former MD & CEO of Indian Overseas Bank (IOB), Partha Pratim Sengupta is going to be appointed as MD & CEO by Bandhan Bank. The Reserve Bank of India has sanctioned a three-year appointment from the date of joining. He is expected to join by November 10, 2024, said the regulatory filing made by Bandhan Bank.

It also tracks progress in relation to his elevation as RBI deputy governor that Bandhan Bank confirmed on Tuesday that Sengupta accepted the offer on 9 October, and will subsequently quit other engagements to honor the terms and conditions of RBI's approval.

An old banker, Sengupta had worked as deputy managing director and chief credit officer at the State Bank of India where he has started his career, too. He will join IOB for nearly two years till December 2022. Sengupta is an alumnus in Physics. He holds a Certified Associate certificate from the Indian Institute of Bankers and has undergone leadership training at Harvard Business School, IIM Calcutta and ISB Hyderabad.

This happened after Bandhan Bank board extended the tenure of interim head Ratan Kumar Kesh till November 10, 2024.

Another associated news is that Bandhan Bank stated it has finalized its forensic audit of claims for insurance coverage under Credit Guarantee Fund for Micro Units and Emergency Credit Line Guarantee Scheme. It added that nearly 65 percent of the claims have been sanctioned, aggregating to Rs 1,231.29 crore. "Payouts are being made currently after adjusting some accounts due to operational gaps in FY 2020-21 following multiple lock-downs", stated a senior bank official