RBL Bank shares hit 52-week low after RBI’s surprise move

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Biznextindia : Shares of RBL bank hit 52-week low of Rs.137.15 at the lower circuit of 20% in the early trade on Monday (December 27) after the Reserve Bank of India (RBI) appointed Yogesh K. Dayal as an additional director on the board of the private sector lender.

“The Reserve Bank of India has appointed Mr. Yogesh Dayal as an Additional Director on the Board of the Bank for a period of two years till December 23, 2023 or till further orders, whichever is earlier” RBL Bank said.

“ The Board accepted the request of Mr Vishwavir Ahuja to proceed on medical leave and appointed Mr. Rajeev Ahuja (existing Executive Director of the Bank) as the Interim Managing Director & CEO of the Bank subject to regulatory and other approvals” it added.

Meanwhile, RBL Bank has allayed concerns on its advances, asset quality and deposits level.

“These developments are not on account of any concern on advances, asset quality and deposits level of the Bank. We want to allay any concerns any of you may have in this regard. The Bank has the full support of the RBI.

Capital adequacy was 16.3% and will be in a similar range this quarter. Liquidity Coverage ratios have been well above regulatory requirements – it was 155% for the September quarter.

“The Board has elevated an existing member of the management team to the interim MD & CEO role which should allay concerns on the strategy and smooth functioning of the Bank as well as the strength of the overall franchise. The management team of the Bank is also fully committed with Mr. Rajeev Ahuja to take the Bank forward.

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