The Reserve Bank of India (RBI) has approved the appointment of Partha Pratim Sengupta as the new managing director (MD) and chief executive officer (CEO) of Bandhan Bank.

The former chief of Indian Overseas Bank will assume his role for a three-year term, with his transition expected no later than November 10 this year, Bandhan Bank.

“Based on the recommendation of the board of directors of Bandhan Bank, the Reserve Bank of India (RBI), vide its letter dated October 08, 2024, has granted its prior approval for the appointment of Partha Pratim Sengupta as MD & CEO of the bank, for three years with effect from the date of taking charge, which shall not be later than November 10, 2024,” the bank says.

The Nominating and Compensation Committee and the Board of Directors will review and approve the proposal for Partha's appointment.

Partha succeeds founder Chandra Sekhar Ghosh, MD and CEO, who retired on July 9. Ratan Kesh, one of the executive directors, serves as interim MD and CEO.

With nearly 40 years of experience in the banking industry, Partha is a seasoned professional who has worked in various regions in both retail and corporate banking.

He started his career with State Bank of India (SBI) and rose to the position of Vice President and Chief Credit Officer (CCRO). Most recently, he served as MD and CEO of Indian Overseas Bank until December 2022.

Partha’s term of office will be for three years and he will take office by November 10, 2024. The appointment will be formalized after approval by the bank's Nominating and Compensation Committee.