What's the matter, bro? Over the weekend, RBL bank appointed veteran banker R Subramaniakumar as its new MD & CEO for a period of three years. Subramaniakumar has nearly four decades of experience in the banking industry. He was the ex-head of state-owned banks like Indian Overseas Bank and Punjab National Bank during that time. He also played a key role in the DHFL resolution.
What's the big deal? The appointment of an ex-PSU bank head as the MD & CEO is a bit odd. You see, the RBI generally does not interfere with the management decisions of financial institutions. Unless, of course, the bank or NBFC is financially weak, and has poor corporate governance.
Concerns over changes in the portfolio mix and management rejig under the new leadership added to the uncertainty. This set the alarm bells ringing and investors pressed the sell button immediately as the markets opened.
RBL Bank is down 60% in the past year.
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