RBL Bank appoints Murali Ramakrishnan as independent director for 4 years

Private sector lender RBL Bank on Thursday appointed Murali Ramakrishnan as Non-Executive Independent Director with immediate effect for four years.

According to the exchange filing, "This is to inform you that the Board of Directors of RBL Bank Limited ('the Bank') based on the recommendations of the Nomination and Remuneration Committee at its meeting held today, i.e., on April 11, 2024, has, inter alia, approved the appointment of Mr. Murali Ramakrishnan as an (Additional) Non-Executive Independent Director of the Bank, w.e.f. April 11, 2024, for a period of four years as per the provisions of the Companies Act, 2013 and SEBI Listing Regulations, subject to the approval of the shareholders of the Bank. In terms of Section 149(13) of the Companies Act, 2013."

Earlier, Ramakrishnan served as the Managing Director & Chief Executive Officer of South Indian Bank.

RBL Bank further added that Ramakrishnan is not debarred from holding the office of Director by virtue of any Securities and Exchange Board of India order or any other regulatory/statutory authority.

He has 37 years of experience in the Banking and Financial Service Industry (BFSI) sector. He joined South Indian Bank as an Advisor on July 1, 2020, and was appointed as Managing Director & CEO of the Bank on October 1, 2020, until September 2023.

Ramakrishnan has experience in various facets of the banking industry, viz. Retail, Small and Medium Enterprise, Corporate, Project Finance, International Business, Risk, Policy, Business Intelligence Unit etc., in both domestic and international markets. Before joining South Indian Bank, he worked with ICICI Bank for more than 20 years, where he headed various businesses and control functions. From March 2012 to August 2016, Ramakrishnan was the Head of North Asia, Sri Lanka, Middle East & Africa at ICICI Bank.

Ramakrishnan is a Chemical Engineering graduate and holds a Post Graduate Diploma in Finance and Marketing from IIM - Bangalore.

Recently, the lender also appointed Parag Kale as Chief Credit Officer-Retail & Head-Retail Collections and Kamal Sabhlok as Head Secured and Micro-Finance Business & Credit Card Collections.

Further, RBL Bank announced a 19 per cent growth on a Year-on-Year (YoY) basis in gross advances to Rs 85,640 crore in Q4 FY24 from Rs 71,857 crore in Q4 FY23. Meanwhile, deposits of the lender grew by 22 per cent YoY to Rs 103,454 crore during the same period.