RBL Bank on June 11 announced the appointment of veteran banker R Subramaniakumar as its new managing director and chief executive officer.
The appointment has been made for a period of three years, the private lender informed the stock exchanges.
“The board of directors has approved the appointment of R Subramaniakumar as Managing Director & CEO of the bank for a period of three years with effect from date of his taking charge, under Section 35B of the Banking Regulation Act 1949,” it said.
The announcement comes nearly six months after RBL Bank’s long-term MD & CEO Vishwahir Ahuja had stepped down.
Following Ahuja’s exit in December 2021, the lender had appointed Rajeev Ahuja at the helm for an interim period — which was scheduled to expire on June 24.
Subramaniakumar, the new RBI Bank chief, has an experience of over 40 years in the banking industry. His career commenced with Punjab National Bank (PNB) in 1980, where he eventually rose as the head of business transformation.
Subramaniakumar has also served as an executive director at Indian Bank and Indian Overseas Bank, followed by a stint as the latter’s MD & CEO.
Subramaniakumar was also, notably, the Reserve Bank of India-appointed administrator of Dewan Housing Finance Corporation Limited (DHFL). He is also an independent director of the LIC Pension Fund Limited.
His tenure as the RBL Bank chief comes in the backdrop of the lender reporting a net loss of Rs 74.74 crore in FY2022, as against a profit of Rs 50.77 crore in FY2021.
The lender had also reportedly come under regulatory lens, with the RBI, on December 25, appointing its chief general manager Yogesh K Dayal as an additional director of RBL Bank for two years.
