RBL Bank MD And CEO Vishwavir Ahuja Steps Aside
RBL Bank managing director and chief executive officer, Vishwavir Ahuja, will proceed on leave with immediate effect, said a stock exchange filing by the bank.
Ahuja's request was accepted by the board of directors in a meeting held on Dec. 25.
Executive Director Rajeev Ahuja has been appointed interim MD and CEO.
In a notification earlier in the evening, the bank said the RBI has appointed an additional director, Yogesh Dalal to its board. Dalal is currently in-charge of communications at the RBI.
The regulator tends to appoint an additional director on a bank board for enhanced supervision. It has the powers to do so under provisions of the Banking Regulation Act.
Vishwavir Ahuja joined the bank in 2010. Prior to that he was country manager at Bank of America. Ahuja oversaw the transition of what was once known as Ratnakar Bank into RBL Bank, turning it into a fast growing private sector lender.
The bank has grown both organically and inorganically. In August 2013, it acquired Royal Bank of Scotland's business banking and credit card portfolio.
RBL Bank listed in August 2016.
As of the quarter-ended Sept. 30, 2021, RBL Bank had Rs 75,588 crore in deposits and Rs 56,009 crore in advances.
The private bank reported a net profit of Rs 31 crore, down 78% year-on-year. The gross non-performing asset ratio of the bank stood at 5.4%, as compared with 4.99% in the April-June quarter. Net restructured assets for the bank stood at 3.39% of total advances as of Sept. 30, compared with 1.8% as of June 30. Capital adequacy ratio for the bank stood at 16.3%, as compared with 16.5% a year ago.
Earlier in the year, Ahuja was permitted a term extension of just one year, by RBI.
Taking over as interim MD and CEO, Rajeev Ahuja is a banking veteran with past stints in Citigroup and Bankers Trust/Deutsche Bank.
"He has been an integral part of the company's transformation journey and is responsible for building the overall strategy of the bank while managing the retail banking, transaction banking and financial inclusion businesses of the bank, says the RBL Bank website.