RBL Bank MD gets shareholders' nod at AGM for fourth term

Shareholders of RBL bank approved the reappointment of Vishwavir Ahuja as the managing director and chief executive for the fourth term.

According to the results of the voting held at the 21 September 2021 annual general meeting, as much as 99.94% of shareholders who participated in the voting favoured the reappointment of Vishwavir Ahuja as the managing director (MD) and chief executive officer (CEO) for the fourth term beginning June this year.

Ahuja joined the bank in 2010 from Bank of America and has been the force behind the successful listing of the lender in August 2016.

The 78th AGM of the bank was held on Tuesday, 21 September 2021, through video conferencing or other audio-visual means along with Scrutinizer's Report dated 21 September 2021.

In January 2021, the board of RBL Bank had approved a three-year extension for Ahuja from 30 June 2021 to 29 June 2024.

However, in June this year the Reserve Bank of India (RBI) approved only a one-year extension for Ahuja as MD & CEO of the bank with effect from 30 June 2021.

On a standalone basis, RBL Bank's net loss stood at Rs 459.47 crore in Q1 June 2021 (Q1 FY22) compared with net profit of Rs 141.22 crore in Q1 June 2020 (Q1 FY21). Total income rose 4.92% to Rs 2,720.50 crore in Q1 FY22 from Rs 2,592.73 crore in Q1 FY21.

RBL Bank offers specialized services under five business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, retail assets and treasury and financial markets operations. It currently services over 9.83 million customers through a network of 435 branches, 1,422 business correspondent branches (of which 271 banking outlets) and 380 ATMs spread across 28 Indian states and Union Territories.

Shares of RBL Bank rose 2.06% to Rs 182.90. The stock hit a high of Rs 183.90 and a low of Rs 180.05 so far.

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