YES Bank to submit list of CEO names to RBI after board meet on January 9

YES Bank | Photo: Reuters
Private lender YES Bank plans to submit the final list of candidates for the position of the managing director & chief executive officer to the Reserve Bank of India (RBI) after the next board meeting on January 9, it said in a filing to the exchanges.

The RBI in October refused to give incumbent CEO Rana Kapoor an extension to his term. He will be in office till January 31, 2019. “The Search & Selection Committee and the Board of Directors are on track to complete the said process within the stipulated timelines of the RBI,” said the bank’s filing.

The bank said it had finalised its recommendation for the role of a non-executive part-time chairman in its meeting held on Thursday, and that it would “promptly” seek approval from the RBI. The post has been vacant since Ashok Chawla resigned in November, and YES Bank shares, which rose as much as 3.5 per cent earlier in the session, reversed course to close 6.4 per cent lower at Rs 174.70 on the Bombay Stock Exchange. 

The bank said that the two newly appointed additional directors T S Vijayan and Uttam Prakash Agarwal attended their first board meeting on Thursday. The board now comprises eight members with only one vacancy. The bank is yet to finalise the name for a director, especially with information technology expertise, to replace former independent director R Chandrashekhar.