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RBL Stock Price: Given a loan of 300 crores and converted it into a bad loan within seven months, the action of RBL Bank came to the fore

Highlights

  • RBL gave 300 crore loan to a company
  • Within seven months, he converted it into a bad loan.
  • RBI was asking for details of loan portfolio
  • Bank MD Vishwavir Ahuja sent on leave

New Delhi
RBI recently took action against RBL Bank of Mumbai. The central bank had made two major changes in this private bank on Christmas Day. RBI Chief General Manager Yogesh Dayal was made additional director on the board of this private bank while long-time MD and CEO of the bank Vishwavir Ahuja was sent on immediate leave. This led to a sharp fall in the shares of the bank.

But the real reason for this action of RBI against RBL Bank has now come to the fore. According to a report in Hindustan Times, RBL Bank gave a loan of Rs 300 crore and written off it by converting it into a bad loan within seven months. According to sources, RBL Bank had given a loan to a company in 2018. It was given as a consortium of banks.

This stock has made Rs 177 from Rs 81 in a year, there is still a lot of power left

RBI action
The RBI had been seeking details of the loan portfolio from the risk department of the bank for the past several months. It was not immediately clear to which company the bank had given this loan. According to sources, the RBI had not objected to any particular transaction, but the board members found something wrong. He contacted RBI regarding this but he did not get the idea of ​​RBI’s plan.

Finally, on December 24, the RBI informed the bank that it had appointed Dayal to the bank’s board. The next day, Dayal said that if the bank’s MD Vishwavir Ahuja continues in his post, the RBI will be left with no option but to dissolve the bank’s board. Ahuja was immediately sent on leave. In his place, Executive Director Rajiv Ahuja has been made interim MD and CEO.

Preparation to increase or decrease custom duty on many goods, indigenous goods will be cheaper

fall in shares
Following this news, the stock of RBL had lost more than 20 per cent on Monday. On Thursday also there is a decline in it. At 11.00, it was trading at Rs 132.05, down 8.49 percent. Analysts say that RBI’s action will increase uncertainty in the bank and will have a negative impact on the stock in the short to medium term. He says that the December 2021 quarter results will be crucial to restore investor confidence in the bank and its stock.

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