RBL Bank

RBL Bank, formerly known as Ratnakar Bank, is an Indian private sector bank headquartered in Mumbai and founded in 1943.[3] It offers services across six verticals: corporate and institutional banking, commercial banking, branch and business banking, retail assets, development banking and financial inclusion, treasury and financial market operations.[4][5]

RBL Bank
Public
Traded asBSE: 540065
NSE: RBLBANK
IndustryBanking
Financial services
Founded1943
HeadquartersMumbai, Maharashtra, India
Key people
Mr Vishwavir Ahuja
(MD & CEO)
ProductsConsumer banking, Corporate banking, Finance and Insurance
Revenue₹7,743.08 crore (US$1.1 billion) (2019)[1]
₹1,939.83 crore (US$270 million) (2019)[1]
₹866.95 crore (US$120 million) (2019)[1]
Total assets₹80,359 crore (US$11 billion) (2019)[2]
Number of employees
5,843 (2019)
Websitewww.rblbank.com

History

In August 1943, Ratnakar Bank was founded as a regional bank in Maharashtra with two branches in Kolhapur and Sangli. It mainly served small and medium enterprises (SMEs) and business merchants in the Kolhapur-Sangli belt. It was incorporated in Kolhapur district on 14 June 1943 as Ratnakar Bank Limited.[6][7] In 1959, the bank was categorized as a scheduled commercial bank as per the Reserve Bank of India Act, 1934. During this decade, it was referred to as an NH4 Bank. In 1970, it received a banking license from the Reserve Bank of India (RBI).[8]

In July 2010, Vishwavir Ahuja became managing director and CEO of the bank. In August 2014 the name of the bank was changed to RBL Bank Limited.[7]

Operations
Vishwavir Ahuja - MD & CEO of RBL

As of December 2019, it has a network of 372 branches and 394 ATMs across 28 states and union territories.[4][9][10] It has 5,843 employees.[2]

In 2016, the bank ran a financial literacy programme called Saksham in collaboration with CDC to provide education to 25,000 individuals and 300 villages in four districts of Madhya Pradesh.[11] Another Saksham programme was run in Ahmedabad in 2013.[12]

In 2018, RBL Bank partnered with MoneyTap to launch India's first personal credit line based app.[13] The same year in June, the company announced that it had raised its stake in microlender Swadhaar FinServe to 100 per cent.[14]

Funding

RBL Bank has raised funding from investors such as CDC Group, Multiples Alternate Asset Management, Asian Development Bank, and PremjiInvest among others.[15]

Throughout the 2010s, RBL Bank reportedly raised a total of INR 4,000 crore from investors. It raised INR 700 crore in 2011, INR 376 crore in 2013, INR 328 crore in 2014 and INR 488 crore in 2016.[16] In July 2017, RBL Bank received board approval to raise an additional INR 1680 crore.[17]

In December 2019, the company announced that it had raised INR 675 crore through preferential issue. Investors such as East Bridge Capital Master Fund and WF Asian Reconnaissance Fund participated.[18][19]

Awards and recognition
  • Best Bank for Microfinance - Asiamoney Best Bank Awards 2019 by Euromoney[20]
  • Best Small Bank, Business Today – Money Today Financial Awards 2019[21]
  • Best Self Service Banking Initiative, Application - The Asian Banker Financial Technology Innovation Awards by The Asian Banker [22]
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See also

References
  1. "RBL Bank Yearly Results". The Economic Times. Retrieved 17 July 2019.
  2. "Combined Result Q4 FY19" (PDF). RBL Bank. Retrieved 17 July 2019.
  3. "Office of RBL Bank".
  4. https://www.rblbank.com/about-us
  5. "RBL Bank files DRHP to raise up to $173M in IPO". VC Circle. 26 June 2015. Retrieved 11 April 2016.
  6. M, Sabarinath (5 July 2010). "Ratnakar Bank gets new-look board". The Economic Times. Retrieved 21 September 2019.
  7. "Company History - RBL Bank Ltd". economictimes.indiatimes.com. The Economic Times. Retrieved 15 February 2019.
  8. Chakraborty, Somasroy (20 January 2013). "Ratnakar Bank: From NH4 to NH8". business-standard.com. Business Standard. Retrieved 15 February 2019.
  9. Sonavane, Ravindra N. (10 April 2017). "RBL Bank now among India's 10 most valuable banks". www.livemint.com. Retrieved 27 June 2017.
  10. Saxena, Ridhima (11 July 2019). "RBL Bank plans to raise $150 mn debt from IFC". Livemint.
  11. "RBL Saksham in Madhya Pradesh". Telegraph India. Retrieved 11 April 2016.
  12. "Saksham in Ahmedabad". Times Of India. Retrieved 11 April 2016.
  13. Bhakta, Pratik (23 May 2017). "Moneytap, RBL Bank to offer line-of-credit to small units". The Economic Times. Retrieved 7 November 2018.
  14. "RBL Bank buys 100% stake in Swadhaar FinServe".
  15. "RBL Bank to raise $260 mn from Multiples PE, CDC and others". 7 July 2017.
  16. "RBL raises capital". Business Standard India. Business Standard. 10 April 2014. Retrieved 20 September 2017.
  17. Hetavkar, Nikhat (8 July 2017). "RBL Board Approval to raise 1680 Crore". Business Standard India. Business Standard. Retrieved 20 September 2017.
  18. Saxena, Ridhima (31 December 2019). "RBL Bank raises ₹675 crore via preferential issue".
  19. "RBL Bank to raise Rs 825.79 crore through private placement of shares". Money Control. Retrieved 1 December 2019.
  20. "Award winners | Best for Microfinance: RBL Bank". EuroMoney. 2019.
  21. "SBI, HDFC Bank bag 'Bank of the Year' award at BT-MT Financial Awards 2019". www.businesstoday.in. Retrieved 29 August 2019.
  22. "Infosys Finacle & RBL Bank Win The Asian Banker Award 2019". EdgeVerve. Retrieved 29 August 2019.
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