On Monday, the Reserve Bank designated AK Singh as an additional director on the board of Bandhan Bank.
A career central banker who retired as the chief general manager of RBI, Singh has been appointed for a period of one year.
AK Singh was appointed by Bandhan Bank; however, the underlying factors that led to his appointment were not specified. The central bank has not taken many such actions.
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A recent precedent would be the appointment of a serving RBI official to the board of private sector lender RBL Bank in response to reports of specific concerns regarding the bank’s operations.
It should be noted that the development occurred prior to the retirement of Bandhan Bank’s founder and chairman, C S Ghosh, on July 9.
The microlender that has transitioned into a bank is currently facing a significant number of stressed advances and has been seeking to decrease the proportion of unsecured loans in the overall portfolio.
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