Two members of the board of directors
at YES Bank
have resigned with immediate effect — Ashok Chawla, its non-executive chairman, and Vasant Gujarati.
The bank, fourth largest among private lenders, has appointed Uttam Prakash Agarwal, a chartered accountant, as an independent director in place of Gujarati. The appointment will have to be confirmed at the next shareholder meeting.
is also in the process of selecting a new managing director and chief executive, to succeed Rana Kapoor, the incumbent one. In September, the Reserve Bank of India had rejected its request to grant another three-year term commencing September 1 to Kapoor. The central bank later directed that a successor to Kapoor be appointed by February 1, 2019.
Chawla continues to be a director on the boards of the National Stock Exchange and at Jet Airways.
Gujarati had resigned due to personal commitments, the bank said.