RBL Bank Limited has filed its quarterly compliance certificate with stock exchanges, fulfilling regulatory obligations under SEBI (Depositories and Participants) Regulations, 2018. The submission, dated April 07, 2026, pertains to the quarter ended March 31, 2026.

Regulatory Compliance Submission

The bank submitted the certificate to both BSE Limited and National Stock Exchange of India Limited as required under Regulation 74(5) of SEBI regulations. The certificate was issued by MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, which serves as the bank's registrar and share transfer agent.

Certificate Details and Confirmations

The compliance certificate provides several key confirmations regarding the bank's dematerialization processes during Q4FY26:

Registrar Confirmations

MUFG Intime India Private Limited confirmed that securities received from depository participants for dematerialization during the quarter were properly processed and confirmed to the depositories. The registrar also verified that:

• Securities comprised in the certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialization were confirmed or rejected appropriately
• Received certificates were mutilated and cancelled after due verification by depository participants
• Depository names were substituted in the register of members as registered owners within prescribed timelines

Corporate Governance and Documentation

The submission was signed by Niti Arya, Company Secretary of RBL Bank Limited, and Ashok Shetty, Sr. Vice President-Corporate Registry at MUFG Intime India Private Limited. This quarterly filing represents part of the bank's ongoing commitment to regulatory compliance and transparent corporate governance practices.

The certificate submission ensures that RBL Bank maintains its good standing with regulatory authorities and continues to meet all requirements related to securities handling and depository participant interactions.

RBL Bank has received a maintained Buy rating from Citi with a target price of ₹390, reflecting the brokerage's confidence in the bank's operational performance and growth trajectory across key financial metrics.

Strong Growth Performance

The bank demonstrated robust growth momentum with advances registering a strong 22% year-on-year increase, primarily driven by a surge in secured retail lending. This growth pattern indicates the bank's strategic focus on lower-risk lending segments while maintaining expansion pace.

Improved Liquidity Position

RBL Bank's liquidity metrics showed significant improvement across multiple parameters. The bank achieved 25% deposit growth, contributing to a stronger funding base. The Current Account Savings Account (CASA) ratio improved to 33.60%, enhancing the bank's cost of funds profile. Additionally, the Liquidity Coverage Ratio (LCR) strengthened while the Loan-to-Deposit Ratio (LDR) decreased, indicating better liquidity management.

Portfolio Stabilization and Regulatory Approvals

The bank has successfully stabilized its unsecured retail portfolio, addressing previous concerns about asset quality in this segment. Furthermore, RBL Bank received Reserve Bank of India (RBI) approval for Emirates NBD (ENBD), marking a significant regulatory milestone.

Profitability Outlook

Despite the positive operational metrics, Citi expects the bank's Return on Assets (RoA) to remain capped at approximately 0.60% due to elevated credit costs. This constraint on profitability reflects the ongoing impact of higher provisioning requirements on the bank's earnings potential.

The maintained Buy rating with ₹390 target price suggests Citi's confidence in RBL Bank's operational improvements and growth strategy, while acknowledging the near-term profitability challenges from credit cost pressures.