Shares of RBL Bank Ltd slumped 2% on 4 March after the company announced that the Maharashtra State GST Department had begun a search operation at three of the bank’s offices in the state. 

The search at RBL Bank is governed by Section 67 of the Maharashtra Goods and Services Tax (MGST) Act, 2017. “The proceedings are ongoing, and the Bank is cooperating fully in providing data as per request placed,” said the bank in an exchange filing.

As per the bank, the investigation is ongoing, and it is fully cooperating with the authorities by providing the requested information.

RBL Bank has reorganized its top group with the appointment of Narendra Agrawal as President & Head of Branch Banking and Retail Liabilities and T.S. Pari as Chief Operations Officer (COO). The changes are a part of the bank’s efforts to boost its retail banking operations and increase operational efficiency.

Agrawal will be in charge of branch banking integration, asset sales, deposit growth, and customer interactions. With more than 25 years of expertise in deposits, lending, distribution, and payments, he is a seasoned banking specialist.

Pari will focus on strengthening customer-centric strategies, streamlining procedures, and improving risk management. Pari has held senior positions in private and multinational banks for a similar length of time.

The leadership move aligns with RBL Bank’s overall transformation strategy. Key business areas would advance more quickly with these appointments, MD & CEO R. Subramaniakumar emphasized.

At 11:22 am, the shares of RBL Bank were trading 0.20% lower at Rs 154.86 on NSE.

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