RBL Bank board will no longer have a director from central bank

MUMBAI: The RBI will no longer have a director on the board of RBL Bank as the central bank-appointed additional director completes his two-year term. This development of RBI ceasing to have a board presence is being perceived as a positive, indicating confidence in the bank's stability.

RBI chief general manager Yogesh Dayal was appointed as an additional director on the board of RBL Bank by the regulator on December 24, 2021 for a two-year term or until further orders, whichever came earlier. This appointment took place during a period of uncertainty when the bank's then CEO Vishwavir Ahuja had proceeded on medical leave.

Subsequently in July 2022, RBI approved the appointment of R Subramaniakumar as managing director and CEO of the Bank for three years. Subramaniakumar is a former PSU bank chief and was the RBI-appointed administrator of DHFL during its resolution process. The central bank had used its special power under the Banking Regulation Act to appoint Dayal.

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