Categories: Banking

RBI allows Bandhan Bank to open new branches without prior permission

The Reserve bank of India removes the restrictions placed on Bandhan Bank, allowing it to open new branches without prior permission. The RBI came up with some regulatory conditions & directed the bank to order about 25% of the total banking outlets to be opened in rural areas where banking facilities are not available.

Bandhan Bank was banned from opening a new branch on September 28, 2018, on behalf of the Supreme Court (SC) and the court ordered to freeze the salary of Chandra Shekhar Ghosh, the founder-cum managing director (MD) of the bank, after not fulfilling the shareholding rules. As per the RBI Licensing Guideline, Bandhan Financial Holdings Ltd, the bank promoter was to reduce the company’s share from 82 % to 40 % in 3 years. The deadline for the Bank was August 23, 2019, which it failed to meet.

Important takeaways for all competitive exams:

Bandhan Bank Non–Executive Chairman: Anup Kumar Sinha
MD and CEO of Bandhan Bank: Chandra Shekhar Ghosh.
Bandhan Bank Founded: 23 August 2015.
Bandhan Bank Headquarters: Kolkata, West Bengal
Bandhan Bank Tagline: Aapka Bhala, Sabki Bhalai.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.