Partha Pratim Sengupta officially took on the role of Managing Director and Chief Executive Officer at Bandhan Bank, effective Friday, as announced by the private lender. Ratan Kumar Kesh, who served as the interim MD and CEO following the retirement of founder Chandra Sekhar Ghosh, will return to his position as Executive Director and Chief Operating Officer now that Sengupta has joined the team.

The Reserve Bank of India (RBI) had approved Sengupta's appointment, mandating him to assume his responsibilities by November 10 and set his tenure at three years.

"Please be informed that pursuant to the approval of the Reserve Bank of India and on the basis of the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Bank, at its meeting held today, i.e., October 25, 2024, has approved the appointment of Mr. Partha Pratim Sengupta as the Managing Director & Chief Executive Officer of the Bank, for a period of three years, with effect from November 01, 2024," Bandhan Bank said in its press release. 

Chairman of Bandhan Bank Anup Kumar Sinha said in the statement that "his (Sengupta's) proven track record in the industry will be instrumental in steering Bandhan Bank into its next growth phase."

Sengupta brings four decades of extensive banking experience with him, having begun his career at the State Bank of India (SBI), where he rose to the role of Deputy Managing Director and Chief Credit Officer. In July 2020, he took on the role of MD and CEO at Indian Overseas Bank (IOB), successfully turning around the Chennai-based institution and guiding it out of the prompt corrective action (PCA) framework.

At Bandhan Bank, Sengupta’s immediate priorities will include addressing ongoing asset quality concerns, particularly within the microfinance segment, as well as managing high operational costs, according to banking experts. Analysts anticipate his leadership will lead to a strategic realignment of the bank's operations.

On his appointment, Sengupta said, "I am honoured to join the Bandhan Bank family. My focus will be on advancing customer-centric solutions, strengthening the business, fostering innovation and making financial services inclusive and sustainable. I look forward to work with the Bandhan Bank team to drive growth and deliver value for all stakeholders.”