According to a news report, a loan of Rs 300 crore was written off within 7 months of its sanction and this was the key reason for the Reserve Bank of India’s sudden intervention in RBL Bank.
The loan was given as a part of consortium lending in 2018 and RBI has been seeking details with respect to the exposure in the company for the last few months from the risk management team of RBL Bank.
On December 25th, Yogesh Dayal, the RBI appointed director mentioned that the continuation of CEO Vishwavir Ahuja has become untenable and RBI would have no choice but to supersede the board as it did in the case of Yes Bank and Laxmi Vilas Bank if Ahuja had not stepped down immediately. Therefore, Ahuja had to leave within the given time.
CNBC-TV18 approached RBL Bank. However, the bank refused to comment on this.
Watch the accompanying video of CNBC-TV18’s Abhishek Kothari for more details