Who is R Subramaniakumar, the new MD and CEO of RBL Bank?
Subramaniakumar, a banker with nearly four decades of expertise, began his career at Punjab National Bank, where he was in charge of business transformation for three years.
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On Saturday, RBL Bank announced the hiring of R Subramaniakumar, a senior banker, as its new managing director and chief executive officer. “Under Section 35B of the Banking Regulation Act 1949, the board of directors has authorised the appointment of R Subramaniakumar as Managing Director & CEO of the bank for a period of three years with effect from the date of his taking charge,” the private lender said in a statement. Subramaniakumar has been named as the new CEO of RBL for a period of three years.
Subramaniakumar’s appointment occurred over six months after Vishwavir Ahuja, RBL Bank’s long-serving MD and CEO, stepped down in December 2021. Rajeev Ahuja was appointed to lead the lender for an interim term following Ahuja’s departure, which was set to end on June 24.
Subramaniakumar’s appointment as RBL Bank’s CEO comes after the bank posted a net loss of Rs 74.74 crore in FY2022, compared to a profit of Rs 50.77 crore the previous year. The RBI appointed its chief general manager Yogesh K Dayal as an additional director of the private lender for two years in December 2021, putting the RBL bank under regulatory scrutiny.
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Who is R Subramaniakumar?
Subramaniakumar, the former managing director and chief executive officer of the state-owned Indian Overseas Bank, has more than 40 years of banking experience. He began his career in 1980 with Punjab National Bank (PNB), where he worked for 35 years and progressed through the ranks to become the head of business transformation. He also worked at Indian Bank as an executive director.
He was named administrator of Dewan Housing Finance Corporation Limited (DHFL) by the Reserve Bank of India after the mortgage financier’s board was replaced.
He also serves on the board of directors of the LIC Pension Fund Limited as an independent director.
“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 Mr. R Subramaniakumar as an Additional Director and as the Managing Director & CEO of the Bank and the approval of the shareholders shall be obtained thereafter as per the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations,” RBL said.