What does RBL Stand for?
The Full form of RBL is Ratnakar bank Ltd. It was established merely four years before independence, in 1947, and currently operates all over India. With its headquarters located in Mumbai (erstwhile Bombay), it has over 370 branches all across the nation. RBL is one of India’s earliest private banks, paving the way for future private banks to navigate the banking regulatory space in India.
Apart from learning the full form of RBL, here are certain important facts for you to take in at a glance.
RBL Bank Quick Facts
- Full-Form of RBL - Ratnakar Bank Limited.
- RBL was established on 6th August 1943. Initially, it was formed as a Maharashtrian regional bank in Kolhapur and Sangli.
- Initially, the founder, Babgonda Bhujgonda Patil, meant the bank to primarily serving small and medium enterprises (SMEs), micro business enterprises, and businessmen along the Kolhapur-Sangli area.
- The bank gained RBI recognition in the year 1959 - as a Scheduled Commercial Bank according to the Reserve Bank of India Act, 1934. From 1960-70 the bank was commonly referred to as the NH4 Bank.
- An official banking license was given to the bank much later in the year 1970.
- The bank has established over 372 branches, 394 ATMs and employs over 5,843 people across 28 states and union territories.
- The bank has been a frontrunner in providing financial literacy to the underprivileged people in Madhya Pradesh and Ahmedabad through Saksham.
- Ratnakar Bank Limited partnered with MoneyTap in 2018 and launched the country’s first personal credit app. Later in 2018, they doubled down on the FinTech initiative by raising a stake in the popular micro-lending app, Swadhaar FinServe, to 100 per cent.
- Earlier in 2014, the bank had changed its name from Ratnakar Bank Limited to RBL Bank to keep the brand fresh and in line with modern trends. A new Certificate of Incorporation was issued by the Registrar of Companies, Pune, to this effect.
- The bank has received several awards, including accolades such as “Best Bank for Microfinance”, “Best Small Bank, Business Today,” and “Best Self Service Banking Initiative - Application.”
- The company has raised a significant amount of funds recently to keep up with the increasing competition. Some notable fundraising rounds include a ₹675 crore preferential issue in December 2019 and a ₹1566 preferential issue in August 2020.
We hope this information was useful to you. Like the full form of RBL, you can learn from others our articles. This would be extremely beneficial for a banking exam.
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