Ghosh retires after transforming lives of small entrepreneurs

Chandra Shekhar Ghosh’s journey as a successful banker is about the story of how she transformed the lives of many underprivileged women entrepreneurs through microfinance in the relatively underbanked eastern and north-eastern regions.

Even though Ghosh’s nearly decade-long tenure at Bandhan Bank ended on Tuesday with the completion of his tenure as its MD and CEO, it could mark the beginning of a new journey for him.

In his letter to the board of directors of Bandhan Bank on April 5, Ghosh had said that he wants to play a bigger strategic role at the Bandhan group level after leaving the bank.

• Also Read: Bandhan Bank reports 21.8% loan growth in Q1FY25

“As a banker CS Ghosh made remarkable achievements. He has been very successful especially in women empowerment. We have seen many success stories of small women entrepreneurs who got microfinance loans from Bandhan. The bank has been very successful in empowering small entrepreneurs and transforming their lives with its micro credit operations,” said a former board member of the Kolkata-based bank.

“I think after his retirement from the bank he will get more time to think about the group. The bank had certain limitations and limitations. Now, he will be free from those limitations and will be able to focus more on expanding the group,” said one of Ghosh’s former associates.

In a strategic move into the insurance business, Bandhan Financial Holdings (BFHL), the holding company of Bandhan Bank, completed the acquisition of Aegon Life Insurance in February this year.

Earlier, a consortium led by Bandhan Financial Holdings had acquired IDFC Asset Management Company as the Bandhan Group believed that the asset management industry would be one of the fastest growing sectors in the Indian financial services industry.

Travel

Ghosh, who started working in the non-profit sector after completing her post-graduation in statistics from Dhaka University, founded Bandhan as an NGO in 2001 to fulfill the dual objective of women empowerment and poverty alleviation. Established. In 2006, Bandhan acquired a non-banking finance company (NBFC) and named it Bandhan Financial Services (BFSL).

• Also read: Bandhan Bank appoints Ratan Kumar Kesh as interim MD and CEO

Under the vision and leadership of Ghosh, who was then unknown to the upper echelons of the Indian banking fraternity, Bandhan was witnessing rapid growth in its microfinance business as the MFI rapidly expanded its footprint into the hitherto untouched eastern and north-eastern regions. Was expanding.

In 2010, Bandhan Financial Services (BFSL) became the largest microfinance institution in the country. As of April, 2010, Kolkata-headquartered BFSL’s loan portfolio had reached approximately Rs 1,500 crore, with a branch network of over 1,000 and approximately 2.5 million borrowers.

In his budget speech on February 26, 2010, the then Finance Minister Pranab Mukherjee informed Parliament that the Reserve Bank of India was considering granting some additional banking licenses to private sector players.

“Non-banking financial companies can also be considered if they meet the eligibility criteria of RBI,” Mukherjee had said. In February 2013, the RBI issued final guidelines on licensing norms for setting up new banks and invited applications.

happy moment

The biggest moment of happiness for Bandhan came on 17 June 2015, when RBI issued him a banking license to conduct banking business in the country. Ending a decade-long wait for new bank licenses, the RBI had decided to issue permits to only two of the 25 applicants – Bandhan and IDFC.

Bandhan began operations as a universal bank on 23 August 2015, becoming the first microfinance institution in India to receive a universal banking license.

The bank last Saturday said its board approved the appointment of Executive Director and Chief Operating Officer Ratan Kumar Kesh as interim MD and CEO for a period of three months or until the new Managing Director and Chief Executive Officer takes charge Is.

The board has appointed an interim MD and CEO as the selection process for Ghosh’s successor has not been completed. He was the managing director and CEO of the lender since July 10, 2015.