Initiate coverage with a BUY. Our TP of Rs 573 is based on a 3x Mar-20 ABV of Rs 191. RBL Bank (RBK) is Indias fastest growing private sector bank (~59% loan CAGR over FY10-17). It is adequately diversified across geographies and has a reasonable fix on asset quality. Beyond its corporate focus, RBK has selectively ventured into retail segments with high growth potential. With a well capitalised B/S, RBK is set to make the most of receding competition from corporate lenders (esp. PSUs)