RBL Bank
TypePrivate
BSE: 540065
NSE: RBLBANK
FoundedAugust 1943 (1943-08)
HeadquartersMumbai, Maharashtra, India
Key people
R. Subramania kumar
(MD & CEO)
Products
RevenueIncrease₹11,619 crore (US$1.5 billion) (2023)[1]
Increase₹2,202 crore (US$280 million) (2023)[1]
Increase₹6,941 crore (US$870 million) (2023)[1]
Total assetsIncrease₹115,876 crore (US$15 billion) (2023)[2]
Number of employees
11,023 (2023)
Websitewww.rblbank.com

RBL Bank, formerly known as Ratnakar Bank, is an Indian private sector bank headquartered in Mumbai and founded in 1943.[3] It offers services across six verticals: corporate and institutional banking, commercial banking, branch and business banking, retail assets, development banking and financial inclusion, treasury and financial market operations.[3][4]

History

On 6 August 1943, Ratnakar Bank was founded as a regional bank in Maharashtra with two branches in Kolhapur and Sangli founded by Babgonda Bhujgonda Patil from Sangli and Gangappa Siddappa Chougule from Kolhapur. It mainly served small and medium enterprises (SMEs) and business merchants in the Kolhapur-Sangli belt. It was incorporated in Kolhapur district on 14 June 1943 as Ratnakar Bank Limited.[5][6] In 1959, the bank was categorized as a scheduled commercial bank as per the Reserve Bank of India Act, 1934. During this decade, it was referred to as an NH4 Bank. In 1970, it received a banking license from the Reserve Bank of India (RBI).[7]

In July 2010, Vishwavir Ahuja became managing director and CEO of the bank. In August 2014, the name of the bank was changed to RBL Bank Limited.[6]

Operations

An RBL Bank branch in Pune.

As of March 2022, it had a network of 324 branches and 341 ATMs across 28 states and union territories.[8][9] It has 9,257 employees.The Bank also has a network of 1418 business correspondent branches of which 870 are managed by RBL Finserve Limited, a wholly owned business correspondent of the Bank.

In 2016, the bank ran a financial literacy programme called Saksham in collaboration with the CDC to provide education to 25,000 individuals and 300 villages in four districts of Madhya Pradesh.[10] Another Saksham programmeme was run in Ahmedabad in 2013.[11]

In 2018, RBL Bank partnered with MoneyTap to launch India's first personal credit line-based app.[12] In June of the same year, the company announced that it had raised its stake in microlender Swadhaar FinServe to 100 per cent.[13]

Funding

The Bank has raised Rs. 8,600 crore of equity capital and Rs. 1500 crore of Basel III-compliant Tier II debt from 2010 to date. The Bank counts Barings Private Equity Asia, British International Investment (formerly CDC Group), Multiples Alternate Asset Management, the Asian Development Bank, HDFC Ltd., ICICI Prudential Life Insurance, and Gaja Capital, among others, as its shareholders.[14]

Throughout the 2010s, RBL Bank reportedly raised a total of INR 4,000 crore from investors. It raised INR 700 crore in 2011, INR 376 crore in 2013, INR 328 crore in 2014 and INR 488 crore in 2016.[15] In July 2017, RBL Bank received board approval to raise an additional INR 1680 crore.[16]

In December 2019, the company announced that it had raised INR 675 crore through a preferential issue. Investors such as East Bridge Capital Master Fund and WF Asian Reconnaissance Fund participated.[17][18]

In August 2020, the company announced that it had raised INR 1566 crore through a preferential issue. It was led by Baring Private Equity Asia, while other investors included ICICI Prudential Life, CDC Group and local private equity company Gaja Capital.[19][20]

Management rejig

R Subramaniakumar was appointed as the Managing Director & CEO of RBL Bank by the RBI, the Board of Directors, and the Management team at the Bank on June 12, 2022.[21]

Awards and recognition

  • Best Bank for Digital solutions - Asiamoney Best Bank Awards 2022 by Euromoney[22]
  • Best Bank for Microfinance - Asiamoney Best Bank Awards 2019 by Euromoney[23]
  • Best Small Bank, Business Today – Money Today Financial Awards 2019[24]
  • Best Self Service Banking Initiative, Application - The Asian Banker Financial Technology Innovation Awards by The Asian Banker[25]

See also

References

  1. 1 2 3 "RBL Bank Yearly Results". The Economic Times. Retrieved 1 January 2023.
  2. ↑ "Combined Result Q4 FY23" (PDF). RBL Bank. Retrieved 1 January 2023.
  3. 1 2 "About Us". www.rblbank.com. Archived from the original on 6 May 2022. Retrieved 24 May 2023.
  4. ↑ "RBL Bank toIPO". Banking Services. 1 January 2023. Retrieved 1 January 2023.
  5. ↑ M, Sabarinath (5 July 2010). "Ratnakar Bank gets new-look board". The Economic Times. Retrieved 21 September 2019.
  6. 1 2 "Company History - RBL Bank Ltd". economictimes.indiatimes.com. The Economic Times. Retrieved 15 February 2019.
  7. ↑ Chakraborty, Somasroy (20 January 2013). "Ratnakar Bank: From NH4 to NH8". business-standard.com. Business Standard. Retrieved 15 February 2019.
  8. ↑ Sonavane, Ravindra N. (10 April 2017). "RBL Bank now among India's 10 most valuable banks". www.livemint.com. Retrieved 27 June 2017.
  9. ↑ Saxena, Ridhima (11 July 2019). "RBL Bank plans to raise $150 mn debt from IFC". Livemint.
  10. ↑ "RBL Saksham in Madhya Pradesh". Telegraph India. Retrieved 11 April 2016.
  11. ↑ "Saksham in Ahmedabad". Times Of India. 5 December 2013. Retrieved 11 April 2016.
  12. ↑ Bhakta, Pratik (23 May 2017). "Moneytap, RBL Bank to offer line-of-credit to small units". The Economic Times. Retrieved 7 November 2018.
  13. ↑ "RBL Bank buys 100% stake in Swadhaar FinServe". 28 June 2018.
  14. ↑ "RBL Bank to raise $260 mn from Multiples PE, CDC and others". 7 July 2017.
  15. ↑ "RBL raises capital". Business Standard India. Business Standard. 10 April 2014. Retrieved 20 September 2017.
  16. ↑ Hetavkar, Nikhat (8 July 2017). "RBL Board Approval to raise 1680 Crore". Business Standard India. Business Standard. Retrieved 20 September 2017.
  17. ↑ Saxena, Ridhima (31 December 2019). "RBL Bank raises ₹675 crore via preferential issue".
  18. ↑ "RBL Bank to raise Rs 825.79 crore through private placement of shares". Money Control. 30 November 2019. Retrieved 1 December 2019.
  19. ↑ Rebello, Joel. "Investors led by Baring PE put Rs 1566 crore into RBL Bank". The Economic Times.
  20. ↑ Dhanjal, Swaraj Singh (21 August 2020). "Baring PE, others to invest ₹1,566 crore in RBL Bank". Livemint.
  21. ↑ ""RBL Bank Names R Subramaniakumar As New MD, CEO". cnbctv18. 11 June 2022. Retrieved 11 June 2022.
  22. ↑ "Award winners | Best for Digital Solutions: RBL Bank". EuroMoney. 2019.
  23. ↑ "Award winners | Best for Microfinance: RBL Bank". EuroMoney. 2019.
  24. ↑ "SBI, HDFC Bank bag 'Bank of the Year' award at BT-MT Financial Awards 2019". www.businesstoday.in. 7 March 2019. Retrieved 29 August 2019.
  25. ↑ "Infosys Finacle & RBL Bank Win The Asian Banker Award 2019". EdgeVerve. Retrieved 29 August 2019.
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