The Reserve Bank of India has approved the appointment of R Subramaniakumar as Managing Director and CEO of RBL Bank.
“....we wish to inform you that the Reserve Bank of India vide its communication dated June 10, 2022, has approved the appointment of R Subramaniakumar as Managing Director and 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,” RBL Bank said in a stock exchange filing on Saturday.
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 Subramaniakumar as an Additional Director and as the Managing Director & CEO of the Bank and the approval of the shareholders shall be obtained thereafter, the private sector lender further said.
Profile
Subramaniakumar is a veteran banker with over 40 years of experience. In the past, he has held the position of Managing Director and CEO of Indian Overseas Bank. He was also appointed by the RBI as the Administrator of troubled Dewan Housing Finance Corporation Limited and achieved its resolution.
In a statement on Sunday, RBL Bank welcomed his appointment.
“The search committee constituted to identify the MD and CEO for the bank ran an exhaustive process along with Egon Zehnder and recommended the name of R Subramaniakumar, a highly capable and a meritorious person for the job,” the lender said.
Prakash Chandra, Chairman of the board, RBL Bank said, “I warmly welcome R Subramaniakumar, to the bank. 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 to reinvent and unlock the immense potential of the bank.”
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 had on April 20 said its board had finalised the names of candidates for the post of MD & Director. RBL Bank’s MD and CEO Vishwavir Ahuja had decided to proceed on leave in late December 2021 and the bank had appointed Rajeev Ahuja, Executive Director as Interim MD and CEO.