R Subramaniakumar’s nomination as MD & CEO of RBL Bank has been authorised by the Reserve Bank of India (RBI), according to exchanges.
Subramaniakumar, a former managing director and CEO of the state-owned Indian Overseas Bank, will retire on June 30, 2019. After the mortgage financier’s board was replaced, he was named administrator of Dewan Housing Finance Co Ltd.
Subramaniakumar has been appointed to RBL for a three-year term beginning on the day of his appointment.
“A meeting of the Board of Directors of the Bank will be convened in due course, 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.
Subramaniakumar, a banker with 40 years of expertise, began his career at Punjab National Bank. He led business transformation at PNB for three years, transforming multiple companies including digital, human resources, MSME, and retail.
In December of last year, RBL’s then-MD & CEO Vishwavir Ahuja took an indefinite leave of absence. Rajeev Ahuja, executive director, has been named temporary Managing Director and Chief Executive Officer.
Ahuja’s departure occurred after the RBI named one of RBL’s main general managers, Yogesh Dayal, as an extra director to the lender’s board.