Shares of private lender RBL Bank today opened at a lower circuit and plunged as much as 23 per cent with heavy volumes in morning trades. The trigger for this has been the Reserve Bank of India on Friday appointing Yogesh K Dayal, Chief General Manager, RBI, as an Additional Director on the board of the bank for a period of two years till December 23, 2023 or till further orders, whichever is earlier. This was followed by the lender's MD and CEO Vishwavir Ahuja going on leave six months ahead of the end of his tenure. The bank's board has appointed Rajeev Ahuja, currently the Executive Director, as interim MD & CEO of the bank with immediate effect. What's the issue? https://images.indianexpress.com/2020/08/1×1.png The RBI has appointed an additional director on the bank's board using powers under Section 36 AB of the Banking Regulation Act, 1949. This Section states that "if the Reserve Bank is of opinion that in the interest of banking policy or in the public interest or in the interests of the banking company or its depositors it is necessary so to do, it may, from time to time by order in writing, appoint, with effect from… Read full this story
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