RBL Bank on Thursday said its board has constituted a search committee to identify a new managing director and chief executive officer to head the bank. The mandate is to get the CEO, either from within or outside the bank.

Earlier in the day, the private lender said the Reserve Bank of India (RBI) has approved the appointment of Rajeev Ahuja as the interim MD & CEO of the bank for a period of three months with effect from December 25, 2021, or till the appointment of a regular MD & CEO, whichever is earlier.

On Saturday evening, RBL Bank had said that the RBI has appointed an additional director on its board. In a separate announcement, the lender said that its CEO Vishwavir Ahuja will go on immediate leave. 

Vishwavir, a longtime chief of the bank, proceeded on leave six months before the end of his tenure. 

 “In continuation to our letter dated December 30, 2021, we wish to inform that the board at its meeting held today i.e. December 30, 2021, has constituted a search committee (comprising the chairman of the Nomination & Remuneration Committee, two members of the board and one external expert) to identify and evaluate candidates for the position of MD & CEO both from within and outside the Bank,” RBL Bank said in a late-evening notification on Thursday.

The board has decided to appoint a recruitment firm for the purpose and the bank will endeavour to complete the succession process at an early date, the notification said.

Shares of RBL Bank ended at Rs 130.40 on Thursday, 9.63% down from its previous close on the BSE.