Home / Companies / News /  RBI approves Rajeev Ahuja's appointment as interim MD & CEO of RBL Bank

RBL Bank on Thursday informed that the Reserve Bank of India (RBI) has approved the appointment of Rajeev Ahuja as Interim Managing Director & CEO of the bank for a period of three months with effect from December 25, 2021 or till the appointment of a regular MD & CEO, whichever is earlier.

During the weekend, RBL Bank had informed regarding the approval of the board of directors for the appointment of Rajeev Ahuja as interim MD & CEO subject to regulatory and other approvals. The development came after its Chief executive Vishwavir Ahuja went on immediate leave. 

The Reserve Bank of India (RBI) also appointed an additional director on the board of the private lender. A day after its top executive stepped down, RBL bank clarified that these developments are not in any manner a reflection on the fundamentals of the Bank. It further added that these developments are not on account of any concern on advances, asset quality and deposits level of the Bank and that it has the full support of the RBI.

On RBL Bank's stock tanking in Monday's session amid concerns over the surprising turn of events, the RBI later assured concerns of depositors and shareholders, saying the private lender’s financial health remains stable, and there is no reason for depositors and other stakeholders to react to speculative reports.

In recent months, reports suggested that some employees of RBL bank sought the finance ministry's support to oversee operations as they believed regulatory frameworks were being ignored by the bank's top management.

Shares of RBL Bank were trading over 9% lower at 131 apiece on the BSE in Thursday's early deals.

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