NARCL chief to assist RBL Bank in finding full-term MD and CEO; headhunter EgonZehnder also roped in

New Delhi: RBL Bank has inducted NARCL Chairman Pradip Shah as an external expert to assist its search panel in finding a full-time MD and CEO, after the removal of Vishwavir Ahuja from the post last month.

Global headhunting firm EgonZehnder has also been roped in for the exercise.

Currently, Rajeev Ahuja is looking after the day-to-day operations of the lender as interim MD and CEO.

The board of the company in a meeting held on Saturday decided to induct Pradip Shah, chairman, National Asset Reconstruction Company (NARCL) as an external expert to assist the search panel, RBL Bank said in a regulatory filing.

Shah will work with the search committee comprising Manjveev Singh Puri, chairman, Nomination and Remuneration Committee (NRC) and two other directors of the bank -- Ishan Raina and Veena Mankar.

The board, on the recommendation of the search committee, also approved EgonZehnder as the search firm for identifying suitable candidates for the post of managing director and chief executive officer of the bank in a timely manner, it added.

On December 30, 2021, the Reserve Bank had approved the appointment of Rajeev Ahuja as the interim MD and CEO of RBL Bank for three months or till there is a regular appointment.

Earlier on December 25, in a sudden turn of events, the board of the bank had sent the then MD and chief executive Vishwavir Ahuja on leave and elevated Rajeev as the interim MD and CEO.

These top-level changes came in the aftermath of the RBI, in a rare move, appointing its Chief General Manager Yogesh K Dayal as a board member of RBL Bank.

Even as there has been lack of clarity from the bank on the reasons for the sudden departure of Vishwavir, analysts have highlighted the high NPA levels as well as governance-related issues at the lender.