RBI appoints Yogesh Dayal as additional director on RBL board

The Reserve Bank of India has appointed Yogesh Dayal as an additional director on the board of RBL Bank.

“…the Reserve Bank of India vide its letter …dated December 24, 2021, informed that in exercise of powers conferred under Section 36 AB of the Banking Regulation Act, 1949, appointed Yogesh K Dayal, Chief General Manager, Reserve Bank of India, as an Additional Director on the Board of the Bank,” RBL Bank said in a stock exchange filing on Saturday.

The appointment is for a period of two years, effective December 24, 2021, till December 23, 2023, or till further orders, whichever is earlier, it further said.

Dayal is a career central banker and is currently Chief General Manager in charge of the Department of Communication, RBI.

Also see: Financial inclusion fosters societal intolerance to inflation: RBI Deputy Guv Patra

While RBL Bank welcomed the appointment of Dayal to the board, it stressed that it is well placed to execute its business plan and strategy and is doing well post the second wave of the Covid pandemic.

“The business and financial trajectory continues to be on improving trend post absorbing the challenges due to the Covid pandemic,” it said, adding that the financials of the bank remain robust.

It highlighted its healthy capital adequacy of 16.3 per cent, high levels of liquidity as reflected through liquidity coverage ratio of 155 per cent, stable net NPA of 2.14 per cent, credit deposit ratio of 74.1 per cent and leverage ratio of 10 per cent for Q2 FY22. In addition, the bank also improved the granularity of its deposits and advances, it added.

For the quarter ended September 30, RBL Bank reported a 78.6 per cent drop in its standalone net profit to ₹30.8 crore due to higher provisions and lower interest income.

Also see: ‘Policy support key to sustain recovery’

Under Section 36AB of the Act, the RBI can appoint additional directors if it is of the opinion that it is necessary to do so in the interest of banking policy, or in the public interest, or in the interests of the banking company or its depositors.