Rakesh Jhunjhunwala and RK Damani approach RBI to buy 10% Stake in RBL Bank: Report
A huge deal is about to happen in the banking sector of India. Stock market veteran Rakesh Jhunjhunwala and supply chain D-Mart founder RK Damani have decided to buy 10 percent stake in RBL Bank. For this, both these investors have also talked to the Reserve Bank of India (RBI). On the other hand, there is also news that Vishwavir Ahuja, Managing Director (MD) and Chief Executive Officer (CEO) of RBL Bank has resigned from his post.
RBI has started the process of investigation
Image Credit: Mint File Photo
According to media reports, the RBI has started the process of investigation on the request of Rakesh Jhunjhunwala and RK Damani to buy the stake of RBL Bank. Reports said that on December 25, the RBI has appointed Yogesh Dayal, Chief General Manager in-charge of the Information Department, as an additional director on the bank's board.
According to the media sources, RBL Bank announced in a regulatory statement on December 25 that it welcomes the appointment of Yogesh Dayal, a 25-year veteran, to its board of directors.
With these announcements, the bank said with a view to allaying the concerns of investors that its business and financials are continuously improving. The bank has said that the bank's financials remain strong with 16.3 percent capital adequacy, good liquidity. Its Liquidity Coverage Ratio remains at 155 percent, Net NPA at 2.14 percent, Credit Deposit Ratio at 74.1 percent as of September 30, 2021.
Vishwavir Ahuja resigns as MD and CEO
Image Credit: File Photo
RBL Bank Managing Director (MD) and Chief Executive Officer (CEO) Vishwavir Ahuja has stepped down and the bank has appointed Rajiv Ahuja as interim MD and CEO with immediate effect. In addition, the apex bank, Reserve Bank of India has appointed its Chief General Manager Yogesh K Dayal as an additional director on the board of RBL Bank.
Rakesh Jhunjhunwala
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Rakesh Jhunjhunwala is an Indian stock trader and investor. His company name is Rare Enterprises, whose portfolio is managed by Rakesh Jhunjhunwala himself. By profession, he is a Chartered Accountant. Rakesh Jhunjhunwala grew up in an Agarwal family in Bombay, where his father worked as the Income Tax Commissioner , Bombay. His family is from Jhunjhunu, Rajasthan.
Rakesh Jhunjhunwala, often known as "Big Bull" and "Warren Buffet" of India, is a stock market investor, since childhood, he was interested in the investor and stock market, due to which he invested 5000 rupees in the business in his early stages and made him 18, 000 crores and became the 48th richest person in India. Rakesh Jhunjhunwala runs a stock trading firm named 'Rare Enterprises' where he manages his own portfolio.
Radhakishan Damani- Owner of DMart
Radhakishan Damani is an investor and entrepreneur based in Mumbai. The self-made billionaire is the owner of the country's third largest mega-retail store chain, 'DMart'. Radhakishan considers Chandrakant Sampat, a first generation investor, as his mentor. He claims to have learned techniques to deal with risky business situations from Sampat. He began his career as a business trader, but after his father's death a financial crisis at his home prompted him to become a stock market investor. Radhakishan's initial few years were spent in stock market observation and speculation. During this phase, he closely followed the Manu Manek's stock-market methods, one of the most feared market operators of the time.
