Maharashtra: GST Department Raids RBL Bank Offices; Stock Dips Amid Management Reshuffle

The state GST department conducted search operations at the office premises of private sector lender RBL Bank at three locations across Maharashtra.

“The proceedings are ongoing, and the bank is cooperating fully in providing data as per the request placed,” RBL Bank stated in an exchange filing.

The bank's stocks tumbled following the GST search operations at multiple branches under the Maharashtra Goods and Services Tax (MGST) Act.

Meanwhile, RBL Bank has reorganized its top management 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 part of the bank’s efforts to boost its retail banking operations and enhance operational efficiency.

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

The senior appointments and restructuring aim to bolster RBL Bank’s retail banking business and streamline operations.

Agrawal, with over 25 years of experience in deposits, lending, distribution, and payments, will focus on deposit growth, customer experience, and integrating branch banking with asset sales. Pari, who has held leadership roles in foreign and private sector banks, will oversee operational efficiencies, customer service, and risk management.