Bandhan Bank CEO Chandra Shekhar Ghosh to step down when tenure ends in July
₹23,000 crore. Bandhan started as a non-government office (NGO) in 2001, with a focus on women empowerment and poverty alleviation. In 2006 it acquired a non-banking finance company (NBFC) licence and was renamed to Bandhan Financial Services Ltd (BFSL).
In 2014 it received a banking licence from the Reserve Bank of India. “The biggest challenge was the blending of existing employees and newly hired talent with banking experience and ensuring that the cultural assimilation does not dilute the values of the organisation," Ghosh wrote in his resignation letter. Bandhan Bank, which launched with 501 branches and 50 ATMs in 24 states, was the first microfinance institution to become a universal bank in India.
Its branches have more than tripled to 1,647 over the past nine years and it currently has 32.6 million customers. In 2019 it acquired Gruh Finance to provide affordable housing loans. Ghosh recounted the challenges the bank has faced over the past few years, including demonetisation, cyclones in Assam, and the covid pandemic.
“The pandemic impacted all, especially the ones who were at the bottom of the pyramid. After an extremely tough 2022-23, I am heartened to see recovery of the bank's portfolio in 2023-24. As we reach business efficiency of pre-pandemic levels, the future looks promising," he wrote.Milestone Alert!
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