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RBI cracks whip on Bandhan Bank for violating shareholding norms

Bank needs RBI approval to open branches; MD's salary frozen

Topics
Bandhan Bank Ipo  |  Reserve Bank Of India  |  Bandhan Bank

Namrata Acharya  |  Kolkata 


The Reserve Bank of India (RBI) has withdrawn the “general” permission given to Bandhan Bank to open branches and has frozen the remuneration of its managing director (MD) and chief executive officer (CEO), Chandra Shekhar Ghosh (pictured), at the existing level, after it failed to comply with the norm of bringing down promoters’ shareholding to 40 per cent by the deadline of August 23.

However, the bank can open branches with the approval of the regulator. In a regulatory disclosure, Bandhan Bank informed the exchanges that “since the bank was not able to ...

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First Published: Sat, September 29 2018. 02:09 IST

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