Additional director on Bandhan Bank prudent measure by RBI says Macquarie

The Reserve Bank of India’s decision to appoint an additional director to the Bandhan Bank board is a prudent measure and will ensure the proper functioning of the lender, broking firm Macquarie said in a latest note.

On Monday, the regulator inducted an additional director on the board of Bandhan Bank – Arun Kumar Singh, former chief general manager of RBI, weeks before the current managing director and chief executive officer Chandra Shekhar Ghosh’s retirement.

In a surprise move in April this year, Ghosh announced his retirement with effect from July 9. The decision was taken even after the Bandhan board approved his extension for three years in November last year.