Bandhan Bank Ltd on Monday i.e. 17th August said that, the RBI (Reserve Bank of India) has withdrawn restrictions that it had imposed regarding the remuneration of the lender’s chief executive in the year 2018.
Bandhan Bank Ltd said in a regulatory filing, “The RBI vide its communication dated 17 August 2020 has lifted the other regulatory restriction: the remuneration of the managing director and chief executive of the bank stands frozen, at the existing level.”
Chandra Shekhar Ghosh, current chief executive of the bank received a remuneration of ₹21.04 million in FY20.
In January 2019, Bandhan Bank had took over HDFC Ltd-owned Gruh Finance Ltd through an all-share deal, with its efforts to bring down promoter shareholding. Before the deal, Bandhan Financial had 82.28% stake. The acquisition also helped Bandhan Bank expand its housing finance portfolio.
Shares of Bandhan Bank on the BSE are at ₹287.3 on Monday, down to 0.31% from its previous close.
