RBL Bank MD & CEO Vishwavir Anuja steps down

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New Delhi: RBL Bank’s Vishawvir Ahuja has stepped down as MD & CEO of the financial institution, and the financial institution has appointed Rajeev Ahuja as because the interim Managing Director and Chief Executive Officer of the financial institution with speedy impact.

The Reserve Bank of India has additionally appointed its Chief General Manager Yogesh Okay Dayal as an extra director on the board of RBL Bank.

RBL Bank in a regulatory submitting stated that the board of the financial institution has accepted “the request of Vishwavir Ahuja to proceed on leave with immediate effect”.

The board in a gathering held on Saturday appointed Rajeev Ahuja (at the moment the Executive Director) as interim Managing Director & Chief Executive Officer of the financial institution with speedy impact, topic to the regulatory and different approvals, the financial institution stated.

The different phrases and circumstances of his appointment, resembling remuneration, would stay unchanged.

The financial institution stated it acquired a communication from the Reserve Bank on December 24, and appointed its Chief General Manager Yogesh Okay Dayal as an extra director on the board of RBL Bank for a interval of two years, with impact from December 24, 2021 until December 23, 2023 or until additional orders.

“We wish to mention that the bank is well placed to execute its business plan and strategy as communicated during our earnings call dated October 28, 2021. The business and financial trajectory continues to be on improving trend, post absorbing the challenges due to Covid 2 pandemic,” the financial institution stated.

The financials of the financial institution stay strong with wholesome capital adequacy of 16.3 per cent, excessive ranges of liquidity as mirrored by way of Liquidity Coverage Ratio of 155 per cent, secure internet NPA of two.14 per cent, credit score deposit ratio of 74.1 per cent and leverage ratio of 10 per cent, for the quarter ended September 30, 2021, it stated.

In addition, the financial institution has additionally improved the granularity of its deposits and advances, RBL Bank stated.

Bank worker unions’ umbrella physique AIBEA had written a letter to Finance Minister Nirmala Sitharaman expressing concern that all the pieces was not proper at RBL Bank and it was going the Yes Bank and Lakshmi Vilas Bank approach.
“We are apprehensive and anxious concerning the developments which are happening within the affairs of RBL Bank Ltd, the Kolhapur primarily based personal financial institution.

“The sequence of events leading to the sudden exit of Vishwavir Ahuja along with induction of Dayal from RBI on the board as additional member indicates that everything is not ok with the bank,” AIBEA stated in its letter to the Finance Minister.

Vishwavir had been heading the personal sector financial institution for the final one decade.
While the board really helpful his continuation, it’s learnt that RBI has agreed just for a brief time period as much as 2022, AIBEA stated additional.

There are additionally reviews that the financial institution has been over indulging in retail credit score, micro-financing and bank cards and consequently has burnt its finger leading to weakening the financials of the financial institution, it stated. Also Read: Retro Tax: Cairn drops lawsuits towards Indian govt in US, UK; finishing formalities in Paris, Netherlands

“In the background of the problems encountered by private banks like Yes Bank and Lakshmi Vilas Bank last year, we urge upon you to immediately intervene in the matter in the interest of the depositors of this private sector bank and consider necessary steps including merger of this bank with a public sector bank,” AIBEA’s letter to Sitharaman urged. Also Read: Flipkart’s Realme Year End Sale now dwell: Check gives on GT Neo 2 5G, GT Master Edition, Realme 8

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