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The RBL Bank on Saturday informed that its board has decided to associate Pradip Shah, Chairman of National Asset Reconstruction Company Ltd (NARCL), as an external expert to work with the search committee to find suitable candidates for the lender's MD and CEO post. 

Further, the Board on the recommendation of the search committee, also approved EgonZehnder as the search firm.

Shah runs IndAsia, a corporate finance and investment advisory company. He is a chartered accountant, management accountant and MBA from Harvard, who

helped establish Housing Development Finance Corporation, the first retail housing finance company in India. He has served as Chairman, IFSC International Retail Business Development Committee, and member of Gujarat Committee on Economic revival post-Covid. He was appointed by the central government on the Justice Easwar Committee for simplifying the income tax act.

Last month, the RBL Bank tasked a search panel, comprising two board members, chairman of its nomination & remuneration committee and an external expert.

The bank's board on December 25 elevated Rajeev Ahuja as an interim MD and CEO with immediate effect, after sending Vishwavir Ahuja on leave. Rajeev's appointment was subject to regulatory and other approvals.

A day earlier, on December 24, the Reserve Bank of India (RBI) appointed its Chief General Manager Yogesh K Dayal on the lender's board as an additional director, a move seen as unusual in the case of private sector banks.

"The board at its meeting held today ie December 30, 2021, has constituted a search committee (comprising of chairman of the nomination and remuneration committee, two members of the board and one external expert) to identify and evaluate for the position of MD & CEO," RBL Bank had said in the filing.

With agency inputs

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