RBL Bank has announced a major leadership transition with Executive Director Rajeev Ahuja set to retire upon completion of his current term on February 21. The 62-year-old executive's departure marks the end of a significant tenure that has spanned over a decade with the private sector lender.

New Executive Director Appointment

The Reserve Bank of India has granted approval for the appointment of Jaideep Iyer as the new executive director for a three-year term beginning February 21. Iyer, who currently serves as the head of strategy at RBL Bank, will step into the role subject to shareholder approval.

Rajeev Ahuja's Legacy

Ahuja has been instrumental in the bank's evolution, playing a pivotal role in its transformation from Ratnakar Bank to RBL Bank. As part of the management team since 2010, he has overseen several critical initiatives that have shaped the bank's current structure.

Key contributions during his tenure include:

• Multiple capital-raising exercises
• Development of new strategic partnerships
• Leading investor relations initiatives
• Guiding the bank through its rebranding and transformation phase

Additional Leadership Changes

The bank's board has also approved the appointment of Deepak Ruiya as interim chief financial officer, effective December 30. This appointment will remain in place until a permanent CFO is selected.

Digital Banking Leadership Exit

In a separate development, Pushpendra Sharma, who headed the digital banking unit, resigned and was relieved from his duties on December 29. The bank noted that his portfolio had been integrated under the technology function in November 2024. RBL Bank has expressed confidence in its leadership depth to manage the responsibilities previously handled by Sharma.

Emirates NBD Investment Proposal Faces Regulatory Hurdle

RBL Bank has provided an update on the proposed investment by Emirates NBD Bank through a preferential issue of equity shares. The bank disclosed that applications made to the Reserve Bank of India and Government of India for temporarily capping foreign shareholding at 24.00% of total equity instruments have not been presently acceded to under extant rules and regulations.

The bank and Emirates NBD continue to engage with the Government of India and Reserve Bank of India for requisite regulatory approvals. According to the latest shareholding pattern, the investor has sufficient foreign shareholding headroom to hold a minimum of 51.00% in the bank.

Both parties remain actively engaged in fulfilling conditions precedent to complete the proposed transaction, subject to receipt of regulatory approvals and satisfaction of other conditions as per the investment agreement executed on October 18, 2025.

These leadership transitions and strategic developments come at a time when the bank continues to focus on strengthening its operational capabilities and strategic direction in the competitive private banking sector.

RBL Bank Limited announced that Executive Director Rajeev Ahuja will retire from his position upon completion of his current RBI-approved term ending February 20, 2026. The Board of Directors made this announcement during its meeting held on December 30, accepting his retirement request effective February 21, 2026.

Executive Director Retirement Details

The board accepted Mr. Rajeev Ahuja's request to retire from his position as Executive Director and Key Managerial Personnel, marking the end of his tenure with the bank. His retirement coincides with the completion of his current term approved by the Reserve Bank of India.

Contributions and Legacy

The Board expressed profound appreciation for Mr. Ahuja's contributions, highlighting his pivotal role in the bank's transformation journey from Ratnakar Bank to RBL Bank. He has been a core member of the senior management team for over a decade, serving as a strong stabilizing force for the institution.

During his tenure, Ahuja oversaw multiple capital issuances and played a key role in forging new partnerships while strengthening investor relations. He provided oversight to the retail banking business and contributed significantly to the bank's digital initiatives. His leadership was particularly notable in establishing the Banking as a Service (BAAS) business, helping position RBL Bank as a pioneer in this domain.

Regulatory Compliance and Disclosure

The announcement was made under Regulation 30 of SEBI Listing Regulations, with the board meeting conducted on December 30. The decision aligns with regulatory requirements and marks a planned transition as Ahuja's current term reaches its natural conclusion. The board noted that his leadership and commitment had significantly contributed to the bank's growth trajectory over more than a decade of service.

Succession Planning

The bank has previously announced that Mr. Jaideep Iyer will be appointed as Additional Director and Whole-time Director, designated as Executive Director, effective February 21, 2026, subject to RBI approval and shareholder consent. This ensures a smooth transition in executive leadership as Ahuja steps down from his role.