RBL Bank on August 11 informed the stock exchanges that Pankaj Sharma, Chief Operations Officer of the lender has tendered his resignation in order to pursue external opportunities.
Post internal discussion held with Sharma, the bank has accepted his resignation and shall relieve him from his duties with effect from close of business hours on September 20, 2023, RBL Bank said in the regulatory filing.
Further, the lender also stated that it has appointed Alok Rastogi as Head – Corporate Centre, who will now directly handle the operations function, apart from other responsibilities.
Shares of RBL Bank on August 11 closed 0.76 percent lower at Rs 222.40 apiece on BSE.
RBL Bank had on July 22 reported a net profit of Rs 288 crore for the first quarter of the current financial year, up from Rs 201 crore in the year-ago period, beating expectations.
The Mumbai-headquartered bank's asset quality improved as gross non-performing assets (GNPAs) declined to 3.22 percent from 4.08 percent in the year-ago period. The net non-performing assets (NNPA), too, declined to 1.00 percent from 1.16 percent in the year-ago quarter.
The lender has been in the news recently after Mahindra & Mahindra announced last month that it is acquiring a 3.53 percent stake RBL Bank for Rs 417 crore and added "it may consider further investment subject to pricing, regulatory approvals and required procedures". However, "in no circumstance will it exceed 9.9 percent", the company said.
However, in a later statement, M&M said it does not expect to invest more in the private sector lender RBL Bank unless it sees “compelling strategic value".
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