Hot Pursuit     27-Dec-21
RBL Bank MD & CEO Vishwavir Ahuja steps down
The bank has appointed Rajeev Ahuja as the interim managing director and chief executive officer with immediate effect.

RBL Bank's board on 25 December 2021 accepted the request of Vishwavir Ahuja to proceed on medical leave and appointed Rajeev Ahuja (existing executive director of the bank) as the interim managing director & CEO of the bank subject to regulatory and other approvals.

Further, the Reserve Bank of India (RBI) has appointed Yogesh Dayal as an additional director on the board of RBL Bank for a period of two years till 23 December 2023 or till further orders, whichever is earlier.

Dayal is a chief general manager of RBI. He is in charge of the RBI's Department of Communication. Dayal is not related to any of the directors/key managerial personnel of RBL Bank.

"The Bank and the current management team led by Mr. Rajeev Ahuja has full support from RBI," RBL Bank said in a statement. It added that the latest developments are not on account of any concern on advances, asset quality and deposits level of the bank.

RBL Bank said that its capital adequacy was 16.3% and will be in a similar range this quarter. Liquidity Coverage ratios have been well above regulatory requirements – it was 155% for the September quarter.

On asset quality, the bank's slippages peaked in Q2 and will be improving this quarter and next as guided previously. The NPA position of the bank will also be on an improving trend. Traction on advances is picking up while the bank continues to keep improving granularity on both advances and deposits. The bank said it remains on track to its guidance on earnings for the rest of the year with improved traction FY23 onwards.

Separately, the media reported that billionaire investor Rakesh Jhunhunwala and D-Mart founder RK Damani have approached RBI with the request to buy 10% stake in RBL Bank. The move by Jhunjhunwala and Damani was made prior to the RBI action against the bank, reports added.

RBL Bank is a private sector bank. It offers specialized services under five business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, retail assets and treasury and financial markets operations. It currently services over 9.97 million customers through a network of 445 branches, 1,435 business correspondent branches (of which 271 banking outlets) and 386 ATMs spread across 28 Indian states and Union Territories.

The bank's net profit declined 78.63% to Rs 30.80 crore on 2.10% rise in total income to Rs 2,567.65 crore in Q2 FY22 over Q2 FY21.

Shares of RBL Bank hit a lower circuit limit of 10% at Rs 155.25 on the BSE.

On a year-to-date (YTD) basis, the stock has declined 29.51% while the benchmark Sensex has added 20.43% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 40.34. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 175.13, 185.33 and 189.39, respectively.

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