- Jhunjhunwala and Damani to buy stake in RBL Bank
- Applied to RBI to buy 10% stake
- RBI appointed Yogesh Dayal as additional director of the bank
- Vishwavir Ahuja, MD and CEO, immediately sent on leave
Veteran investors Rakesh Jhunjhunwala and D-Mart founder Radhakishan Damani have joined RBI to buy 10 per cent stake in crisis-hit private bank RBL Bank. Application has been made. According to a report in CNBC TV 18, Jhunjhunwala and Damani made this request before the central bank’s action against RBL Bank.
RBI is currently considering the requests of Jhunjhunwala and Damani. The central bank had made two major changes on the day of Christmas in the 78-year-old Mumbai-based bank RBL. RBI’s Chief General Manager Yogesh Dayal has been made additional director on the board of the private bank while Vishwavir Ahuja, the long-time MD and CEO of the bank, has been sent on immediate leave. In his place, Executive Director Rajiv Ahuja has been made interim MD and CEO.
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What did the interim MD say
Rajiv Ahuja, trying to allay the apprehensions about the financial position of the bank, said on Sunday that the bank’s profit in the December quarter will be higher than the September quarter. On his appointment, he said the board has selected Vishwavir Ahuja for the responsibility after he went on leave and is also supported by an additional director appointed by the RBI. Rajiv said that RBL Bank and its strategy have the full support of the central bank.
Regarding the sudden departure of Vishwavir Ahuja, Rajiv Ahuja said that he has stepped down due to medical reasons. However, he did not give further details. Vishwaveer’s tenure was only six months left. Rajiv Ahuja said this development has nothing to do with the asset quality of the bank. He said that the bank’s profit in the December quarter will be more than the September quarter.
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Rs 15,000 crore cash with the bank
Emphasizing the need to focus more on micro-finance lending, he said, “We have to focus more on services, governance, digital and risk-taking sectors.” Rajiv Ahuja said that the bank has over Rs 15,000 crore liquidity and is taking steps to reach out to the customers. He said the bank would bring down its net NPAs below 2 per cent by March 2022.