The Reserve Bank of India on Friday sent a notice to Bandhan bank for non-compliance of shareholding norms. It freezed remuneration of MD and CEO Chandra Shekhar Ghosh.
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Bandhan bank cannot open new branches without RBI's approval and it has imposed the restrictions for failure to bring down promoter stake to 40 percent as per guidelines.
RBI's licensing norms required banks to bring down promoter holding to 40 percent within 3 years of starting operations.
Bandhan bank started operations as a universal bank in August 2015.
The bank is taking necessary steps to bring down non operative financial holding company stake to 40 percent, added Bandhan bank.
Promoter entity, Bandhan Financial Holdings currently owns 82.28 percent in the bank.