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The Reserve Bank of India (RBI) has withdrawn the general permission given to Bandhan Bank to open new branches. The central bank also ordered to freez the salary of Bandhan Bank's chief executive officer and managing director Chandrashekhar Ghosh for not complying with the promoter shareholding norms.
RBI’s licensing norms require a private sector bank to bring down its promoter shareholding to 40 percent within three years of operations.
Headquartered in Kolkata, Bandhan, which started as a micro-finance company in 2001, received banking licence by Reserve Bank of India in 2014. Bandhan Bank is one of the youngest private sector banks in India, completing three years on August 23.
Bandhan went for an initial public offering (IPO) in March this year, which resulted in the promoter holding falling to 82.28 percent from 89.62 percent.
Recently, the bank failed in concluding talks to acquire PNB Housing Finance, which could have helped in bringing down the promoter holding. As of now, Bandhan Bank has 937 branches across the country. Bandhan bank can open new branches only with the prior approval of RBI.
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