On June 11, RBL appointed R Subramaniakumar as the Managing Director (MD) and Chief Executive Officer (CEO). He has experience in the banking industry for more than 40 years.
Ratnakumar Bank Ltd.(RBL), has a new Managing Director (MD) and Chief Executive officer (CEO). RBI approved R Subramaniakumar’s appointment for a tenure of 3 years. According to Section 35B of the Banking Regulations Act 1949, his tenure will begin from the day of his taking charge.
The former MD and CEO Vishwavir Ahuja had stepped down 6 months ago. He had joined the bank in 2010 and served his position for more than 10 years. In December 2021 he stepped down, due to his medical issues. After which, Rajeev Ahuja was appointed for an interim period. His period was due to end on June 24. At the same time, the company appointed Yogesh Dayal as the director. Ahuja shared his support and eagerness to work with the new MD and CEO, R Subramaniakumar.
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About R Subramaniakumar
R Subramaniakumar has an experience of over four decades in the banking and finance industry. He has a bachelor’s degree in physics and a post-graduate diploma in computer application from the prestigious Indian Institute of Bankers. He had obtained qualifications from the Information Systems Audit and Control Association (ISACA), based in the United States, for Certified Information System Audit (CISA) and Certified Information Security Manager (CISM). He also has a certificate in advanced banking from the University of Maryland.
In 1980 R Subramaniakumar started his career in the banking sector. He joined Punjab National Bank (PNB) and worked there for 35 years. He was promoted to a general bank manager in 2013 and held that position for three years. In 2016, he joined Indian Overseas Bank as MD and CEO. He held that position till June 2019. He was appointed as the administrator at Dewan Housing Finance Ltd. (DHFL) by RBI. DHFL became insolvent in November 2019, and Subramaniakumar had a crucial role in achieving resolution. Currently, he is an independent director of LIC Pension Fund Ltd.
He shared his gratitude after being appointed by RBI. In a recent interview, he mentioned that he is willing to bring long-term and effective changes to the company. He will start working first in the loan department followed by rural financing. He expressed his promise to stakeholders, for the bright future of the bank.
About RBL
It is a private sector bank founded in 1943 by Babgonda Patil and Gangappa Chougule with two branches in Maharashtra. It is recognized as one of the fastest-growing private banks in the country. The bank serves specialized services across five verticals: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets, and Treasury and Financial Markets Operations. In 2016 the bank was listed on NSE and is currently available on charts. The bank has 502 operating branches and 414 ATMs across the country with a record of more than five thousand employees. Its current market capitalization is estimated at over 5 billion dollars.
Over the years the bank has reached high levels. With the appointment of the new MD and CEO, the bank has the potential to grow further. Subramaniakumar has worked in this sector for over four decades and has performed managerial roles in lengths and breadths. He has also helped banks with digital marketing in the past. His experience will prove as an asset to the bank.
Despite the new changes in management for the bank, the share price has seen a decline of 0.44 percent in the market.
