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RBI approves appointment of R Subramaniakumar as MD and CEO of RBL Bank

Subramaniakumar is a Physics graduate with PGDCA (Post graduate diploma in computer application). (Mint)Premium
Subramaniakumar is a Physics graduate with PGDCA (Post graduate diploma in computer application). (Mint)

  • R Subramaniakumar is a veteran Banker with 40 years of experience. He has worked with many renowned public sector banks. He was an Executive Director at Indian Bank and Indian Overseas Bank. He also held the position of Managing Director & CEO of Indian Overseas Bank.

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RBL Bank on Saturday said the Reserve Bank of India (RBI) has approved the appointment of R Subramaniakumar as Managing Director and CEO of the Bank for three years tenure.

Subramaniakumar's tenure will begin from the date of his taking charge, under Section 35B of the Banking Regulation Act 1949.

In its regulatory filing, RBL Bank said, "a meeting of the Board of Directors of the Bank will be convened in due course upon the completion of requisite formalities, inter alia to approve the appointment of R Subramaniakumar as an Additional Director and as the Managing Director & CEO of the Bank."

In a statement, RBL Bank highlighted that the search committee constituted to identify the MD & CEO for the Bank ran an exhaustive process along with Egon Zehnder and recommended the name of R Subramaniakumar, a highly capable and a m eritorious person for the job.

Welcoming Subramaniakumar, the Chairman of the Board, Prakash Chandra said, "A veteran in the industry, his experience and support will further strengthen our organisation. I am confident that his leadership will present an opportunity for us toreinvent and unlock the immense potential of the Bank."

Also, welcoming the new MD & CEO, Rajeev Ahuja, the interim MD & CEO, said, "He brings with him a wealth of experience which the Bank will greatly benefit from. 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."

Over his new post, R Subramaniakumar said, "I am excited to partner with the Management team at RBL Bank and help it scale new heights, given the strength of the Bank and the immense opportunity which lies ahead. 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."

R Subramaniakumar is a veteran Banker with 40 years of experience. His banking career commenced with Punjab National Bank ("PNB") in 1980 and he headed Business Transformation at PNB for 3 years and transformed the Business especially, Digital, Human Resources, MSME, Retail, and Overseas operations, etc.

He has worked with many renowned public sector banks. He was an Executive Director at Indian Bank and Indian Overseas Bank. He also held the position of Managing Director & CEO of Indian Overseas Bank. Also, he was an Administrator at Dewan Housing Finance Corporation Limited ("DHFL") a housing finance company, and achieved its resolution. Subramaniakumar was also an Independent Director of the UC Pension Fund.

Subramaniakumar is a Physics graduate with PGDCA (Post graduate diploma in computer application). He has acquired CISA (Certified information system audit) & CISM (Certified information security manager) from ISACA, USA. Banker with CAIIB. He also holds an Advanced Banking Certificate from University of Maryland, USA.

On Friday, RBL Bank shares closed at 113.35 apiece down 0.44% on BSE.

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