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<ul><li><keyword id="2179992" type="General" weightage="20" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> announced that its long-term CEO <keyword id="186752" type="General" weightage="20" keywordseo="vishwavir-ahuja" source="Orion">Vishwavir Ahuja</keyword> has gone on leave, with Rajeev Ahuja taking up the lead in the interim.</li><li>Apart from this, the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> also intervened by appointing an additional director on the bank’s board.</li><li>Now, reports suggest that <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and DMart’s <keyword id="6505089" type="General" weightage="20" keywordseo="radhakishan-damani" source="Orion">Radhakishan Damani</keyword> want to pick up a 10% stake in the bank.</li></ul>RBL Bank is in a mini crisis of sorts, with its long-term MD and CEO Vishwavir Ahuja going on a leave and the Reserve Bank of India appointing an additional director on the bank’s board. The stock tanked 20% on Monday (December 27), the first trading day after the decision was made public. <div type="image" title="RBL Bank 01_11_21 to 27_12_21." msid="88515164" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank share price since November, 2021&amp;lt;/p&amp;gt;"></div> The twist doesn’t end there, either – ace investors Rakesh Jhunjhunwala and DMart’s Radhakishan Damani have <a href="https://twitter.com/CNBCTV18News/status/1475296536980426752">reportedly</a> approached RBI to pick up a 10% stake in RBL Bank, likely to cash in on the opportunity on the horizon. On Friday, RBL Bank’s shares ended the day lower by nearly 3%. In 2021 so far, the company has lost a fourth of its value even as the Bank Nifty index gained over 11%. <cmsannotation type="cmsannotation" annotationid="Why is the RBI intervening in the affairs of RBL Bank?" comment="subhead" text="Why is the RBI intervening in the affairs of RBL Bank?">Why is the RBI intervening in the affairs of RBL Bank?</cmsannotation> While both RBI and RBL Bank have been tight-lipped about the trigger behind the central banker’s intervention, reports suggest that there’s likely more going on between the lines. One of the issues that has been repeated elsewhere is concerns about the asset quality of the bank – the gross non-performing assets (Gross NPA) ratio rose to 5.4% in the September quarter from 3.34% in the year before. Unpaid loans surged in the September quarter, as the moratorium on payments came to an end, particularly in the microfinance segment, which makes for 9% of RBL Bank’s total loan book. <div type="image" title="RBL Bank MFI GNPA ." msid="88516605" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank microfinance segment GNPA&amp;lt;/p&amp;gt;"></div> However, the rise in bad loans may not be reason enough for the RBI to step in. Earlier this year, RBI had approved Vishwavir Ahuja’s extension as the bank’s CEO till June, 2022. Ahuja going on leave mid-way through his term also signals that there are deeper issues at the bank which have not been disclosed to the public yet. “The sequence of events leading to the sudden exit of Mr. Vishwavir Ahuja along with the induction of Dayal from the RBI on the Board as additional member indicates that everything is not ok with the bank,” noted a letter by All India Bank Employees Association (AIBEA) to Finance Minister Nirmala Sitharaman. <cmsannotation type="cmsannotation" annotationid="If Jhunjhunwala and Damani are interested, there may be some things working at the bank" comment="subhead" text="If Jhunjhunwala and Damani are interested, there may be some things working at the bank">If Jhunjhunwala and Damani are interested, there may be some things working at the bank</cmsannotation> Billionaire investors Rakesh Jhunjhunwala and Radhakishan Damani reportedly want to pick up a 10% stake in RBL. The two are yet to comment on the matter and investors must take these unconfirmed reports with a handful of salt. As the following meme on social media reminds us: <div type="image" title="RJ RD RBL meme" msid="88516710" hostid="261"></div> According to RBL Bank’s new interim CEO Rajeev Ahuja, the bank’s financials remain strong. “These developments are not on account of any concern on advances, asset quality and deposits level of the bank. The bank has the full support of the RBI,” he said. In the September quarter, RBL posted a net profit of ₹30 crore as against a loss of ₹459 crore in the quarter before. This, the bank says, was due to an increase in provisions for the June quarter. Beyond the profits, RBL Bank’s fundamentals remain strong. Its liquidity coverage ratio stood at 155%, as against the 100% mandated by RBI. This means that in the short-term, the bank has enough cash to meet its obligations. RBL Bank’s credit card business – which constitutes 22% of the company’s total loan portfolio – has been a fast growing segment for the company. In fact, one broking firm, B&amp;K Research, recently argued that RBL’s credit card business is performing better than SBI Card, the country’s <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">second largest credit card issuer</a>. However, investors should keep in mind that it is still a small player with a 4% market share in the number of cards issued ⁠— even though it has grown from a mere 1% in 2017 ⁠— is trailing far behind SBI Card’s 19% market share. <cmsannotation type="cmsannotation" annotationid="How can the RBI appoint directors on a private bank’s board?" comment="subhead" text="How can the RBI appoint directors on a private bank’s board?">How can the RBI appoint directors on a private bank’s board?</cmsannotation> RBI has in the past appointed additional directors on the boards of banks like Yes Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank among others. According to Section 36AB of the Banking Regulation Act, 1949, RBI can appoint additional directors to protect the interests of the bank, its depositors, the banking regulations or the overall public interest. Update: Rakesh Jhunjhunwala has now <a href="https://twitter.com/blitzkreigm/status/1475310523960815622">denied</a> reports of acquiring a stake in RBL Bank. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-zee-entertainment-hp-adhesives-and-adani-transmission-among-hot-stocks-on-december-27/slidelist/88514134.cms">RBL Bank, Zee Entertainment, HP Adhesives, and Adani Transmission among hot stocks on December 27</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

RBL Bank slumps 20% after CEO goes on leave

New Delhi, Jan 22 () RBL Bank on Wednesday reported a 69 per cent dip in its net profit at Rs 69.9 crore for the quarter ended December 31, 2019 on account of rise in bad loans.
 The private sector lender had registered a net profit of Rs 225.20 crore in October-December period of the previous fiscal.
 However, total income increased to Rs 2,64,430 crore as against Rs 1,029.20 crore for the same period year ago, the bank said in a regulatory filing.
 Net interest income was up 41 per cent to Rs 922.6 crore during the quarter as against Rs 655.10 crore in the year-ago period.
 Asset quality of the bank deteriorated with gross non-performing assets (NPAs) rising to 3.33 per cent of gross advances as on December 31, 2019 from 1.38 per cent in the year-ago period.
 Net NPAs also rose to 2.07 per cent of net loans from 0.72 per cent in the corresponding quarter of 2018-19, the bank said.
 As a result provisions (other than tax) and contingencies rose significantly to Rs 638.29 crore from Rs 160.68 crore in the same quarter a year ago.
 However, net interest margin improved year-on-year basis to 4.57 per cent in the reported quarter from 4.12 per cent.
 The bank in a separate regulatory filing said it has approved re-appointment of Rajeev Ahuja as the executive director for a period of three years with effect from February 21, 2020, subject to the approval of the Reserve Bank of India. DP DP SHW
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RBL Bank Q3 profit slips 69 pc to Rs 70 cr

Hari Nagar delhi assembly election candidate names of all parties

If you have followed tech-related news over the past few years, you must have come across a bunch of Indian names calling the shots in some of the most enviable companies across the globe. Satya Nadella is the CEO of Microsoft; Rajeev Suri is playing the same role in Nokia now and <keyword id="6355629" type="CITY" weightage="40" keywordseo="Google">Google</keyword> has a good number of them in prominent positions. Sundar Picha, who handled Google Chrome, replaced Andy Rubin and is now overseeing Android; Amit Singhal revolutionised Google’s search algorithms and Vic Gundotra, who revitalised Google+ from the scratch, only recently quit his job after eight years in the company. Two other Indian names are, perhaps, not as famous as the others we have just mentioned. But they are also creating waves for the brand they are working with. Deepak Ahuja and Jay Vijayan work at <keyword id="107096" type="COMPANY" weightage="40" keywordseo="Tesla">Tesla</keyword> Motors, a company headed by Elon Musk that designs and manufactures premium electric cars. Ahuja is the chief financial officer (CFO) at Tesla while Vijayan is the chief information officer (CIO). 
	 

	According to the latest rumour concerning Tesla, the company wants to launch its products in Asian markets such as <st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place>. But it is not exactly hearsay. In an earlier statement, Ahuja said, “<st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place> is a huge potential market where we need to be. I think sometime in 2015 seems to make sense to enter <st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place>, but it’s difficult to make an official announcement.”<o:p></o:p>

	 

	Journey through <st1:place w:st="on">Asia</st1:place> <o:p></o:p>

	What sets Tesla apart from other electric car brands is that it has tasted success in a time when other green power brands have failed. In 2010, Tesla went public and in doing so, became one of the most successful companies when it came to rising money. Following its success in Europe and the <st1:country-region w:st="on">US</st1:country-region>, the next market Musk targeted was <st1:country-region w:st="on">Asia</st1:country-region>. In 2010, Tesla commenced operations in <st1:country-region w:st="on">Japan</st1:country-region>, in the town of <st1:country-region w:st="on">Aoyama</st1:country-region>, and subsequently spread to <st1:country-region w:st="on">Osaka</st1:country-region>. The following year, <st1:country-region w:st="on">Hong Kong</st1:country-region> was the chosen destination and this time, consumers had access to a design studio where they could design their cars on a large touchscreen. Finally, in 2014, Tesla opened its business in <st1:country-region w:st="on">China</st1:country-region> where the brand is trying hard to sell its Model S Sedan and the Model X SUV. <o:p></o:p>

	 

	By this natural progression, it is evident that the next target on the Tesla map could be <st1:country-region w:st="on">India</st1:country-region>. It is a huge market and not tapping it would be a huge mistake.<o:p></o:p>

	 

	Scope in <st1:country-region w:st="on">India</st1:country-region> <o:p></o:p>

	<st1:country-region w:st="on">India</st1:country-region> is a huge SUV market when it comes to luxury car brands. While Tesla’s vision does not position its cars as pure luxury models, the game changes in <st1:country-region w:st="on">India</st1:country-region>. The price of Model S cars in <st1:country-region w:st="on">India</st1:country-region> will be equal, if not higher, than the luxury cars most upper class Indians buy. However, the good news for Tesla is, Indian buyers take brands very seriously. The success of <keyword id="6355119" type="CITY" weightage="40" keywordseo="BMW">BMW</keyword> and <keyword id="6381274" type="PERSON" weightage="40" keywordseo="Mercedes-Benz">Mercedes Benz</keyword> in the luxury car segment is a good example. These companies did well in <st1:country-region w:st="on">India</st1:country-region> in spite of steep price tags.<o:p></o:p>

	 

	Expected challenges <o:p></o:p>

	While Tesla cars may attract upper class buyers in <st1:country-region w:st="on">India</st1:country-region>, the ground reality in the country is that these are people who already own a number of cars. For them, getting a Tesla sedan or SUV will be like ‘checking out’ the latest gadget. Elon Musk wants to make Tesla more affordable to the average car owner, but that dream has not yet come true in the <st1:country-region w:st="on">US</st1:country-region>. Moreover, Tesla cars demand a stable infrastructure that very few Indian metros can offer. The cost to install charging stations at critical places must be justified by sales, but with a high luxury price tag for an electric car, that seems like a tough goal, even for a brand run by the genius that is Elon Musk.<o:p></o:p>

	 

	Another challenge for Tesla Motors in <st1:country-region w:st="on">India</st1:country-region> will be getting the necessary equipment. Unlike many other car brands, Tesla operates as an original equipment manufacturer (OEM). It means in case of any defect, the parts needed to fix a car will have to be acquired from a Tesla-run factory. Running such a factory in <st1:country-region w:st="on">India</st1:country-region>, a country with stricter labour laws compared to the <st1:country-region w:st="on">US</st1:country-region>, will not be easy, especially with all the bureaucratic red tape existing here. However, the biggest issue for Tesla will be tax exemptions. In the <st1:country-region w:st="on">US</st1:country-region>, the company receives huge tax breaks for running an environment-friendly car. But there are no such provisions yet in <st1:country-region w:st="on">India</st1:country-region>, at least not in the scale that will suit Tesla’s needs. This is precisely why Tesla had to close its <st1:country-region w:st="on"><keyword id="6356662" type="COUNTRY" weightage="40" keywordseo="Singapore">Singapore</keyword></st1:country-region> operations.<o:p></o:p>

	 

	One of the factors that may favour Tesla is the fact <st1:country-region w:st="on">India</st1:country-region> is expecting huge changes in the political and economic fronts. And BJP, the party that is expected (according to polls and survey) to win the ongoing 2014 general elections, is known to be quite free-market friendly. If Tesla gets the nod from a friendly state government and starts its operations in a special economic zone (SEZ), it can get tax breaks and manufacturing a slightly more affordable car may actually become feasible. But till then, it is mere conjecture about how the brand will perform in this highly entropic Indian market.<o:p></o:p>

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