Banking sector veteran R Subramaniakumar, with over 40 years of expertise, will take cost of personal sector RBL Bank from June 24, changing the interim MD & CEO Rajeev Ahuja. Ahuja took cost because the interim MD & CEO of the financial institution after the sudden ouster of the then chief Vishwavir Ahuja in late December 2021, who was despatched on go away with rapid impact.
Subramaniakumar had in previous served because the Managing Director & Chief Executive Officer (MD & CEO) of Chennai-based public sector lender Indian Overseas Bank (IOB) and in addition because the Executive Director (ED) of the financial institution.
Besides, he was additionally the ED at Indian Bank and held varied positions within the banking trade. He was instrumental within the transformation at Delhi-based Punjab National Bank (PNB). Also, he served as a board of director of PNB’s Bhutan three way partnership Druk PNB.
The search committee constituted to establish the MD & CEO for the financial institution ran an exhaustive course of together with Egon Zehnder and advisable the title of R Subramaniakumar, a extremely succesful and a meritorious individual for the job, RBL Bank stated in an announcement.
Prakash Chandra, Chairman of the board, RBL Bank, stated Subramaniakumar is a veteran within the trade and his expertise and help will additional strengthen the organisation.
“I am confident that his leadership will present an opportunity for us to reinvent and unlock the immense potential of the bank,” Chandra stated.
Rajeev Ahuja, whose time period involves an finish on June 24, welcomed Subramaniakumar’s appointment, exuding confidence that the financial institution will drastically profit from his expertise.
“I would like to extend my complete support to him and look forward to working together and take the bank forward in its growth journey,” Ahuja said.
Subramaniakumar stated: “RBL Bank has achieved phenomenal success ever since its transformation began about a decade back and I am sure we will script another phenomenal story going forward.” In a raft of developments in late December final yr, RBI had appointed its Chief General Manager Yogesh Ok Dayal an extra director to RBL Bank’s board whereas sending Vishwavir Ahuja on go away, amidst considerations over financial institution’s monetary well being.
Following this, Rajeev Ahuja assured that financial institution’s monetary place was robust and it had full help of RBI and its board of administrators. Rajeev was appointed because the interim MD & CEO of the financial institution for a interval of three months with impact from December 25, 2021, which was additional prolonged by one other three months with impact from March 25, 2022 or until the time an everyday MD & CEO was appointed.
In fiscal yr 2021-22, RBL Bank had posted a web lack of Rs 75 crore, whereas there was a web revenue of Rs 508 crore within the previous fiscal yr. Bank’s advances in the course of the yr grew by a modest 2 per cent to Rs 60,022 crore, whereas deposits have been up by 8 per cent to Rs 79,007 crore.
Stock of RBL Bank tumbled over 20 per cent to shut at Rs 87.90 apiece on the BSE on Monday
Source: www.financialexpress.com”