RBL Bank has said the Reserve Bank of India (RBI) has approved the appointment of veteran banker R Subramaniakumar as the private sector lender’s new managing director and chief executive officer for a period of three years. Starting his career as a banker with Punjab National Bank (PNB), Subramaniakumar has so far spent more than 40 years in the finance sector.
Subramaniakumar’s appointment came nearly six months after RBL Bank’s long-term MD and CEO Vishwavir Ahuja had stepped down in December 2021. Last year in December, in a sudden turn of events, the board of the bank had sent the then MD and CEO Vishwavir Ahuja on leave and elevated Rajeev Ahuja as the interim chief to take care of the day-to-day operations.
In March, the RBI had granted an extension of three months to its interim MD and CEO Rajeev Ahuja.
“The Reserve Bank of India (RBI) vide its communication dated June 10, 2022, 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,” RBL Bank said in a regulatory filing on Saturday.
It also said a meeting of RBL Bank’s board of directors will be convened in due course upon the completion of requisite formalities, inter alia, to approve the appointment of R Subramaniakumar as an additional director and as its MD & CEO, and the approval of the shareholders shall be obtained thereafter. Here’re details about the new MD and CEO of RBL Bank:
— Subramaniakumar joined state-owned Punjab National Bank (PNB) in 1980 as a banker, where he worked for around 35 years. He was elevated as the bank’s general manager, a position he held for three years between 2013 and 2016.
— In October 2016, he joined Indian Overseas Bank as its MD and CEO and continued to hold the charge till June 2019.
— In November 2019, after Dewan Housing Finance Corporation Ltd (DHFL)’s board was superseded due to insolvency issues, the RBI appointed Subramaniakumar as the mortgage financier’s administrator and achieved its resolution.
— Currently, he is a non-executive chairman of the country’s leading ATM services provider India1 Payments Ltd. He is also an independent director of LIC Pension Fund.
— Education: Subramaniakumar is a physics graduate and holds a post-graduate diploma in computer application from the reputed Indian Institute of Bankers. He possesses information system audit and information security manager certificates from the US-based Information Systems Audit and Control Association. He also holds an advanced banking certificate from the University of Maryland.
RBL in the regulatory filing said Subramaniakumar is not related to any of the directors/ key managerial personnel of the bank and is also not debarred from holding the office of director by virtue of any Sebi order or any other regulatory/ statutory authority.