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RBL Bank renews partnership with Bajaj Finance for co-branded credit cards

RBL Bank on Monday announced signing of agreement with Bajaj Finance for extension of partnership of co-branded credit cards for a period of five years to December 2026, the private lender said in a regulatory filing. 


Shares of RBL Bank plunged by 18.10 per cent to close at Rs 141.60 apiece on the BSE on Monday. The scrip also hit its 52-week low of Rs 132.35 on concerns of the lender’s financial position. 


Amid concerns over the health of RBL Bank, the Reserve Bank of India (RBI) had earlier today assured depositors and stakeholders that the private sector lender was “well capitalised” and that its financial position was satisfactory even as shares of the bank witnessed a selloff. 


In a slew of developments in the past few days, RBI had appointed an additional director to RBL Bank’s board, while the lender’s MD and CEO Vishwavir Ahuja had gone on leave. 


Against this backdrop, newly-appointed chief Rajeev Ahuja on Sunday had said that the financial position of the bank was strong and the sudden change at the top level was not related to any concerns. 


As concerns persisted, RBI on Monday said that there had been speculation related to RBL Bank in certain quarters which appeared to be arising from recent events surrounding the bank. 


‘There is no need for depositors and other stakeholders to react to the speculative reports,” the central bank said and emphasised that the lender’s financial health remained stable. 


RBL Bank's Vishawvir Ahuja had stepped down, and Rajeev Ahuja was appointed as the interim MD and CEO after RBI had appointed its Chief General Manager Yogesh K Dayal as an additional director on the lender’s board. 


Mr Dayal, whose appointment is effective from December 24, will stay for two years until December 23, 2023, or till further orders, whichever is earlier. 

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