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  RETAIL CREDIT PUSH IN FOR A LITMUS TEST RBL Bank under closer scrutiny of RBI: On 24th December 2021, Reserve Bank of India (RBI) appointed its Chief General Manager Shri Yogesh K. Dayal as additional Director in RBL Bank’s (bank) Board. A day after, the bank’s board accepted the request of MD & CEO Shri Vishwavir Ahuja to proceed on leave with immediate effect (His term was to originally end in June 2022). It also approved the appointment of Shri Rajeev Ahuja, ED as the interim MD & CEO, which had the consent of RBI with a caveat that it shall be for three months effective 25th December 2021. To reduce the impact of the above developments on the bank's business and address any concerns among investors and depositors, the bank as well as the regulator issued clarifications. Both  emphasised that the bank’s financial records are satisfactory and the investing/depositing public need not have any concern on this score. Reasons for comfort: RBI said the bank has a ...

Unpleasant Cross Selling Techniques  Last month, my friend’s sister, single and living in India, died suddenly. My friend, settled in US, flew down to perform the final rites and other rituals. He faced the issue of liquidity to pay for all expenses, as he had to rush in immediately. The deceased was an ex-staff of a reputed public sector bank. As I happened to know some of the officials of the PSB concerned, I requested for their help. I even assured that I can be counted as a surety for any amount that will be paid from the deposits of the deceased to her brother, the only legal heir to her estate. Fortunately, there was no need to seek approvals for any deviation on this score, as all deposits were in the joint names of the deceased and her brother, styled “either or survivor”. The lowest value of the several deposits held on that date was Rs. 14 lacs and my friend’s need for meeting the expenses was Rs.8 lacs.  The branch extended all courtesies in helping him to encash Rs...