<p>Mumbai: The Reserve Bank of India has appointed a director on the board of Bandhan Bank, the lender said in a notification to exchanges late on Monday.</p><p>The RBI and the lender did not specify the reason for the decision.</p><p>RBI has the power to appoint directors on the board of a bank under the country's Banking Regulation Act and typically does so to increase oversight of a bank's operations.</p><p>Arun Kumar Singh, chief general manager at the RBI, will act as additional director of the bank for one year starting June 24, 2024, the bank said in its notification.</p>.Armed with RBI’s bonanza, government likely planning a ‘feel-good’ budget.<p>For the quarter ended March 31, Bandhan Bank reported a 93 per cent drop in net profit as it increased provisions and wrote off bad loans.</p><p>The bank had earlier disclosed that a set of loans it gave out during the pandemic under a government-backed scheme were being examined by the National Credit Guarantee Trustee Company, an agency set up by the government to cover defaults by small businesses.</p><p>Bandhan Bank is also set to see a management transition as Managing Director and CEO Chandra Shekhar Ghosh retires on July 9 after spending nearly a decade at the helm.</p>
<p>Mumbai: The Reserve Bank of India has appointed a director on the board of Bandhan Bank, the lender said in a notification to exchanges late on Monday.</p><p>The RBI and the lender did not specify the reason for the decision.</p><p>RBI has the power to appoint directors on the board of a bank under the country's Banking Regulation Act and typically does so to increase oversight of a bank's operations.</p><p>Arun Kumar Singh, chief general manager at the RBI, will act as additional director of the bank for one year starting June 24, 2024, the bank said in its notification.</p>.Armed with RBI’s bonanza, government likely planning a ‘feel-good’ budget.<p>For the quarter ended March 31, Bandhan Bank reported a 93 per cent drop in net profit as it increased provisions and wrote off bad loans.</p><p>The bank had earlier disclosed that a set of loans it gave out during the pandemic under a government-backed scheme were being examined by the National Credit Guarantee Trustee Company, an agency set up by the government to cover defaults by small businesses.</p><p>Bandhan Bank is also set to see a management transition as Managing Director and CEO Chandra Shekhar Ghosh retires on July 9 after spending nearly a decade at the helm.</p>