RBI has cancelled Bandhan Bank’s permission for new branches

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Its been just few days that the founder CEO of Yes Bank, Mr. Rana Kapoor has stepped down from his services and RBI is now targeting the Bandhan Bank.

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The bank has frozen the remuneration of the CEO of Bandhan Bank Chandra Shekhar Ghosh and is opening up of new branches until the further notice.

Bandhan Bank is based out in Kolkata and it was not able to bring down the shareholding of the Non-Operative Financial Holding Company (NOFHC) to nearly 40 per cent under the license and the bank also said filing to the stock exchanges. Bandhan Bank can even open the branches after taking the prior approval from the RBI.

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Bandhan bank is planning to engage the RBI on complying with the shareholding norms. “The bank is taking necessary steps to comply with the licensing condition to bring down the shareholding of NOFHC in the Bank to 40% and shall continue to engage with the RBI in this behalf,” it added.

The Kolkata based bank started its micro-financing company in the year 2001 and has received the banking license in 22014. The bank stands to be the eighth largest one in terms of market capitalization.

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