The central bank stated that this action is based on the deficiencies in regulatory compliance observed relating to the period FY 2018-19 to FY 2021-22 and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

In a statement, RBI said that the penalty is for non-compliance with certain provisions of the directions issued by the central bank on the Internal Ombudsman Scheme, 2018, Fair Practices Code for Lenders, credit card operations of banks, managing risks, and the code of conduct in outsourcing of financial services by banks and recovery agents engaged by banks.

The RBI said that the private sector bank failed to ensure that the loan recovery agents engaged by it during those periods did not resort to intimidation or harassment and that it did not ensure police verification of the agents before employing them.

The private lender said that it has further strengthened its internal processes and procedures around these aspects. The bank has always endeavored to maintain the highest standards of compliance and culture within the organization and shall continue to do so, it added.

RBL Bank is a private sector lender. It offers specialized services under five business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, retail assets and treasury and financial markets operations. As of 31 December 2022, the bank has 516 bank branches and 1,168 business correspondent branches, of which 298 are banking outlets.

The bank reported 34% rise in net profit to Rs 209 crore on a 14% increase in total income to Rs 2,987 crore in Q3 FY23 over Q3 FY22.

Shares of RBL Bank gained 2.30% to Rs 140.30 on the BSE.

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RBL Bank Ltd is down for a fifth straight session today. The stock is quoting at Rs 149.65, down 3.39% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.74% on the day, quoting at 17284.5. The Sensex is at 58659.15, down 0.8%.RBL Bank Ltd has lost around 9.63% in last one month.Meanwhile, Nifty PSU Bank index of which RBL Bank Ltd is a constituent, has eased around 4.51% in last one month and is currently quoting at 20608.65, down 1.53% on the day. The volume in the stock stood at 80.88 lakh shares today, compared to the daily average of 60.9 lakh shares in last one month.

The benchmark March futures contract for the stock is quoting at Rs 150.55, down 2.96% on the day. RBL Bank Ltd jumped 12.39% in last one year as compared to a 2.45% rally in NIFTY and a 13.83% spurt in the Nifty PSU Bank index.

The PE of the stock is 11.47 based on TTM earnings ending December 22.

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The bank had earlier intimated about the untimely demise of Amrut Palan who had been serving as a Chief Financial Officer (CFO) of the bank.

The bank is in the process of finalising a suitable incumbent for the position of a CFO.

Ruiya in his capacity as deputy CFO will be responsible for all the functions as are executed by a CFO. He would also be designated as a key managerial personnel of the bank.

Shares of RBL Bank were down 0.36% at 166 on Monday, 6 March 2023. The stock market was shut on Tuesday, on account of Holi.

RBL Bank is a private sector lender. It offers specialized services under five business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, retail assets and treasury and financial markets operations. As of 31 December 2022, the bank has 516 bank branches and 1,168 business correspondent branches, of which 298 are banking outlets.

The bank reported 34% rise in net profit to Rs 209 crore on a 14% increase in total income to Rs 2,987 crore in Q3 FY23 over Q3 FY22. Net interest income (NII) grew by 14% YoY to Rs 1,148 crore while the net interest margin (NIM) was 4.74% during the period under review.

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RBL Bank Ltd dropped for a fifth straight session today. The stock is quoting at Rs 158.15, down 2.32% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.57% on the day, quoting at 17932.35. The Sensex is at 60952.13, down 0.6%.RBL Bank Ltd has eased around 8.29% in last one month.Meanwhile, Nifty PSU Bank index of which RBL Bank Ltd is a constituent, has eased around 3.27% in last one month and is currently quoting at 21256.25, down 1.56% on the day. The volume in the stock stood at 45.12 lakh shares today, compared to the daily average of 91.34 lakh shares in last one month.

The benchmark February futures contract for the stock is quoting at Rs 157.95, down 2.8% on the day. RBL Bank Ltd jumped 12.76% in last one year as compared to a 3.8% rally in NIFTY and a 10.12% spurt in the Nifty PSU Bank index.

The PE of the stock is 11.99 based on TTM earnings ending December 22.

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