Yak Rbi Bans Bandhan Depository Fiscal Establishment From Opening Novel Branches, Freezes Ceo's Salary

The Reserve Bank of Bharat (RBI) has withdrawn the full general permission given to Bandhan Bank to opened upward novel branches. The cardinal banking concern equally good ordered to freez the salary of Bandhan Bank's Managing Director as well as Chief Executive Officer (MD & CEO) Chandrashekhar Ghosh for non complying alongside the promoter shareholding norms.

RBI’s licensing norms necessitate a somebody sector banking concern to select downwardly its promoter shareholding to twoscore per centum inside 3 years of operations.

About Bandhan Bank

Headquartered inwards Kolkata, Bandhan, which started equally a micro-finance society inwards 2001, received banking licence past times Reserve Bank of Bharat inwards 2014. Bandhan Bank is one of the youngest somebody sector banks inwards India, completing 3 years on August 23.

Bandhan went for an initial world offering (IPO) inwards March this year, which resulted inwards the promoter belongings falling to 82.28 per centum from 89.62 percent.

Recently, the banking concern failed inwards in conclusion talks to start out PNB Housing Finance, which could select helped inwards bringing downwardly the promoter holding. As of now, Bandhan Bank has 937 branches across the country.  Now Bandhan banking concern tin opened upward novel branches exclusively alongside the prior blessing of RBI.

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