RBL Bank's board will no longer have an RBI representative after Yogesh Dayal's term as additional director ended. The move follows concerns raised by the central bank about the bank's management and practices.
Photograph: Mahipal Soni/Rediff.com
Mumbai, Dec 25 (PTI) The board of RBL Bank will no longer have a Reserve Bank of India representative, as the the two-year term of the central-bank appointed additional director Yogesh Dayal has ended.
In a communication to exchanges on Sunday, the city-based private sector lender said Dayal's term as an additional director has ended on December 23.
Dayal, a chief general manager with the central bank, had to be appointed as an additional director following concerns on the way RBL Bank was being run and its practices.
According to reports, the central bank's concerns included the outlook of the incumbent top management and also its exposure to the riskier unsecured loans.
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