BENGALURU - India's Bandhan Bank said on Friday its Managing Director and Chief Executive Chandra Shekhar Ghosh would retire on July 9, after spending nearly a decade at the lender.

According to protocol, the bank is required to submit nominations for a potential replacement to the Reserve Bank of India, which will give a final approval for a new CEO of the bank.

Ghosh had set up Bandhan in 2001 as an NGO. In 2006, it acquired a non-banking finance company and named it as Bandhan Financial Services (BFSL), which initially focused on microfinance activities, according to an exchange filing, which enclosed his letter to the bank's board.

Subsequently, BFSL and Ghosh applied for a banking license in July 2013. He served as the MD and CEO of the bank since July 2015. REUTERS