Kolkata, August 17: Bandhan Bank on Monday said the Reserve Bank of India has lifted restrictions on remuneration of the bank's MD & CEO Chandra Shekhar Ghosh at the existing level.

The curbs were withdrawn after the lender met RBI norms to reduce promoters' stake to 40 per cent. Also Read | India's GDP to Contract 16.5 Percent in Q1 Due to COVID-19 Pandemic: SBI Report.

"This is pursuant to Bandhan Bank's promoter entity Bandhan Financial Holdings Ltd (BFHL), a non-operating financial holding company, successfully bringing down its stake to 40 per cent in the Bank from an earlier level of around 61 per cent by selling shares in a block deal on August 3, 2020," Bandhan Bank said in a statement. Also Read | iQOO 5 & iQOO 5 Pro Smartphones with Snapdragon 865 SoC Launched; Prices, Features, Variants & Specifications.

All regulatory restrictions imposed by the RBI on the lender are now withdrawn, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)