Shares of RBL Bank Ltd. declined 2.09% to ₹151.93 on March 4, 2025, after the Maharashtra State GST officials conducted searches at three of the bank’s offices under Section 67 of the Maharashtra Goods and Services Tax (MGST) Act, 2017.
GST Investigation at RBL Bank Offices
The private sector lender confirmed that the search proceedings are ongoing, and it is fully cooperating with authorities by providing the required data and documents.
Leadership Reshuffle at RBL Bank
Amid the regulatory scrutiny, RBL Bank announced key leadership changes, appointing:
- Narendra Agrawal as President & Head of Branch Banking and Retail Liabilities
- T.S. Pari as Chief Operations Officer (COO)
Agrawal, with over 25 years of experience in deposits, lending, distribution, and payments, will focus on:
- Boosting deposit growth
- Enhancing customer experience
- Integrating branch banking with asset sales
Meanwhile, Pari, who has held senior roles in foreign and private banks, will oversee:
- Operational efficiencies
- Customer service improvements
- Risk management strategies
With the ongoing GST investigation and leadership restructuring, RBL Bank’s stock remains in focus as investors assess its regulatory and operational outlook.
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