RBL Bank To Appoint R Subramaniakumar As CEO

RBL Bank Ltd. will appoint R Subramaniakumar as its managing director and chief executive officer, after receiving an approval from the Reserve Bank of India. In a stock exchange notification on Saturday, the bank said that the regulator communicated its approval in a letter dated June 10.

RBL Bank said that a meeting of its board of directors will be convened in due course, upon the completion of requisite formalities. Subramaniakumar will also be appointed as an additional director on the board, after receiving shareholder approval.

Subramaniakumar was previously the MD and CEO of government-owned Indian Overseas Bank. He was appointed as an administrator for the resolution of Dewan Housing Finance Corporation Ltd. in 2019 by the RBI. He is also on an advisory council to help the administrator for the SREI group’s two non-bank finance companies.

Vishwavir Ahuja, the MD and CEO of RBL Bank until December 2021 had unexpectedly stepped down from his position, after which the RBI had appointed a nominee director on the bank’s board. The bank had then appointed its Executive Director Rajeev Ahuja as an interim MD and CEO, until a permanent chief executive was appointed. The interim CEO’s term was to come to an end on June 25.

While RBL Bank has maintained that Vishwavir Ahuja’s sudden decision to step down was owing to medical issues, BQ Prime had previously reported that tensions between him and the RBI had also expedited his exit. In June 2020, the regulator had sanctioned only a one year extension for Vishwavir Ahuja as MD and CEO, and not three years as sought by the board.

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