In June 2022, RBL Bank Ltd. was under pressure. The Reserve Bank of India had removed then CEO Vishwavir Ahuja over compliance concerns. Investor confidence fell, and the stock declined 80% from its 2019 high.

When R Subramaniakumar took charge as managing director that summer, the bank faced stress. The share price stood at Rs 77, down from a peak of nearly Rs 700.

By December 2025, the situation had changed. The stock more than doubled over the past 12 months to about Rs 300 a share. The trigger was a $3 billion investment from Dubai-based Emirates NBD Bank.

RBL Bank’s crisis is over and the confidence is returning — but is the hard part done?

Aditya Raghunath decodes.