Ratnakar Bank Limited (RBL) is an Indian Private Sector Bank. It was established in the year 1943. It is headquartered in Mumbai, India.
It provides services to commercial banking, retail assets, financial inclusion and development banking, corporate and institutional banking, treasury and financial market, branch, and business banking. In August 2016, it was listed in NSE (National Stock exchange) and BSE (Bombay Stock Exchange)
The appointment of Rajeev Ahuja as the interim MD and CEO of RBL Bank (Ratnakar Bank Limited) has been approved by the RBI (Reserve Bank of India). This appointment is made for three months or until there is a regular appointment.
Last Saturday, the Board of the bank sent the Managing Director and Chief Executive Officer Vishwavir Ahuja on medical leave and hence appointed Rajeev as the Interim MD and CEO to maintain the day-to-day operations of the bank, regulatory works, and other approvals.
RBI stated in a letter dated December 28, 2021, that they have accepted the appointment of Rajeev Ahuja as the interim Managing Director and CEO of the bank for three months which would be effective from December 25, 2021, or till the appointment of new regular MD and CEO. The statement was shared in a regulatory filing on Thursday.
RBI also appointed Yogesh K Dayal, who is a chief general manager of RBL as the additional director to the board. This approval is for two years till December 23, 2023, or till further orders.
Vishwavir’s sudden departure has resulted in these appointments.
On December 26, 2021, Rajeev shared that the bank is financially sound, and had maximum support from RBI and its Board of Directors. He shared this in his first interaction with the investors and reporters.
The subsequent day, on behalf of the rescue of the financial institution, the apex financial institution added that they are financially strong. RBI stated that the depositors and investors should not take notice of the opinion over the immediate changes of affairs at the command of the bank.
On Monday, the stock of the bank confronted a sell-off and closed 18 percent down.
The shares of the financial institution traded at Rs.133.10 apiece on BSE, down 7.76 percent from the preceding close.
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