Moonlighting not a taboo, says RBL Bank CEO R Subramaniakumar

RBL Bank | CMP: Rs 137.50 | The scrip added over 6 percent after the bank reported impressive growth profits and net interest income in the September quarter even as its credit and deposit grew at a slower pace than most of its peers. Some analysts do find value in RBL Bank as they see improving growth and RoE visibility. Analysts at Emkay Global are among them. They have upgraded the stock’s target price to Rs 160 while retaining the “buy” rating.

Moonlighting should not be viewed as a taboo unless it affects a business, RBL Bank chief executive officer R Subramaniakumar said on November 3, as a debate over the practice of picking up a side job rages, especially in the IT industry.

“Let me tell you, and this is my personal view, that moonlighting is not a taboo unless it is affecting my business, productivity,” Subramaniakumar said at the annual banking conference organised jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indian Banks' Association (IBA).

Subramaniakumar was speaking during a panel discussion on how banks can secure their future by attracting and retaining quality talent.

As the COVID outbreak forced work from home, moonlighting emerged as a concern among India's IT majors. The raging debate also signals a clash between traditional notions of employment and the emerging world of work where flexibility reigns supreme.

Ultimately enterprises, workers, and government will need to make choices about the kind of labour market, and employment relationships they want to foster, industry insiders say.

Enterprises, big and small, have long lobbied for deregulation and freedom from cumbersome compliances and labour laws.

The new labour code has done away with government enforcement of provisions and allows companies to self-report compliance. Moreover, micro, small and unregistered firms, which constitute the vast majority of enterprises, are not subject to many of these regulations.

Speaking at the same panel, Yes Bank’s managing director and chief executive officer Prashant Kumar said that moonlighting depends on the contractual obligation between the employer and the employee.