RBL Bank’s total bank deposits sees 11% drop in retail, small business deposits.
- ByStartupStory | January 3, 2022
Retail and Small business deposits of RBL fell 11.3% short in quarter over quarter at Rs 27,871 leading to a slide of 2.78% in total deposits at Rs 73,637 for the quarter that ended December 2020. Retail and small business deposits accounted for 37.8% of the total deposit for the December quarter.
This fall in deposits came amid the bank’s leadership changes as the news of chief executive officer and MD Vishawvir Ahuja’s abrupt departure with Rajeev Ahuja taking over on an interim basis and RBI’s decision to appoint a director on the private sector lender’s board, Yogesh K Dayal might have led to nervousness among depositors.
The Bank said that the Deposits in RBL bank’s current and savings account (CASA) fell 5.31% on quarter over quarter basis at Rs. 25,316 crore by the end of December quarter, while the CASA ratio stood at 34.4% compared to 41.6% a quarter ago. The Bank added that however, on an year-on-year basis, both total deposits as well as retail deposits and deposits from small business customers increased by 9.61% and 14.16% respectively.
The RBI assured the stakeholders and the depositors that the financial health of the Bank is stable and well capitalised. The regulatory board added that the appointment of Yogesh K Daya is done as the bank needed closer support in regulatory and supervisory matters.
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