Bandhan Bank MD & CEO Chandra Shekhar Ghosh to step down in July after completion of tenure
Mumbai: Bandhan Bank Managing Director and Chief Executive Officer Chandra Shekhar Ghosh will step down from his current role when his tenure concludes on July 9, 2024, the bank announced on Friday.
However, he will maintain a larger strategic role within the Bandhan group.
"After leading the Bank for almost a decade including three consecutive tenure as MD & CEO, I feel that the time has now come for me to assume a larger strategic role at Bandhan group level. Hence, I have decided to retire from the services of Bandhan Bank at the end of my current tenure as MD & CEO, i.e. on July 09, 2024. I sincerely request the Board to accept my decision. I am grateful to the Board for continued support and advice over the years which has been a great source of strength," said Ghosh in his letter.
Ghosh got MA in Statistics from Dhaka University, Bangladesh, in 1985, Ghosh joined BRAC, a Dhaka-based international development non-profit organization focused on empowering women in rural Bangladesh.
Witnessing the dire circumstances faced by women in impoverished villages profoundly impacted Ghosh and inspired the inception of Bandhan Bank.
He observed that extreme poverty disproportionately affected women, who often faced mistreatment from their husbands.
Recognizing their potential for self-improvement, Ghosh understood that providing financial assistance could empower these women to transform their lives.
"I am neither an economist nor a banker. I am a pure NGO worker. While working on the ground, I learnt a lot, especially from the bottom of pyramid. These learnings helped me understand the real situation of the underprivileged people. Hence, with the objective of helping the deprived and underbanked section of society, 23 years back, I decided to quit my stable job and do something of my own," said Ghosh.
Gosh registered Bandhan as a non-banking finance company in 2009 and became the first microfinance organisation in 2014 to secure a banking licence in India.
"The next eighteen months was a whirlwind of activities which included meticulous planning and execution of every aspect of setting up a bank," remarked Ghosh.
On Thursday, Bandhan Bank reported that its loans and advances reached Rs 1.28 lakh crore at the conclusion of the fourth quarter of the 2023-24 fiscal year, marking a 17.8 percent year-on-year increase. The bank noted that this figure stood at Rs 1.09 lakh crore as of March 31, 2023.
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