Who Is R Subramaniakumar, RBL Bank’s new MD & CEO

R Subramaniakumar, who is the former managing director and chief executive director of state-run Indian Overseas Bank, has an experience of over 40 years in the banking industry. His career started with Punjab National Bank (PNB) in 1980, where he worked for 35 years and eventually rose as the head of business transformation. He also served as an executive director at Indian Bank.

New Delhi: The RBL Bank on Saturday announced the appointment of veteran banker R Subramaniakumar as its as its new managing director and chief executive officer. “The board of directors has approved the appointment of R Subramaniakumar as Managing Director & CEO of the bank for a period of three years with effect from date of his taking charge, under Section 35B of the Banking Regulation Act 1949,” the private lender said in a statement. Subramaniakumar has been appointed to helm RBL for three years from the date of taking charge.

Subramaniakumar’s appointment came nearly six months after RBL Bank’s long-term MD and CEO Vishwavir Ahuja had stepped down In December 2021. Following Ahuja’s exit, Rajeev Ahuja was appointed to helm lender for an interim period — which was scheduled to expire on June 24.

Subramaniakumar’s appointment as the RBL Bank chief comes in the backdrop of the bank reporting a net loss of Rs 74.74 crore in FY2022, as against a profit of Rs 50.77 crore in FY2021. The RBL bank had also reportedly come under regulatory lens, with the RBI, in December 2021, appointing its chief general manager Yogesh K Dayal as an additional director of the private lender for two years.

Who is R Subramaniakumar?

• Subramaniakumar, who is the former managing director and chief executive director of state-run Indian Overseas Bank, has an experience of over 40 years in the banking industry.
• His career started with Punjab National Bank (PNB) in 1980, where he worked for 35 years and eventually rose as the head of business transformation. He also served as an executive director at Indian Bank.
• The Reserve Bank of India has notably appointed him as administrator of Dewan Housing Finance Corporation Limited (DHFL) after the mortgage financier’s board was superseded.
• He is also an independent director of the LIC Pension Fund Limited.

“A meeting of the Board of Directors of the Bank will be convened in due course upon the completion of requisite formalities, 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.