RBI directs Yes Bank to appoint successor to Rana Kapoor by February 1

The Asian Age With Agency Inputs  | Deccan Chronicle

Business, Economy

Reserve Bank has refused to give an extension to Yes Bank MD and CEO Rana Kapoor.

The Reserve Bank has refused to give an extension to Yes Bank MD and CEO Rana Kapoor and asked the bank to appoint a new chief by February 1, 2019, the private lender said on Wednesday.

Mumbai: The Reserve Bank has refused to give an extension to Yes Bank MD and CEO Rana Kapoor and asked the bank to appoint a new chief by February 1, 2019, the private lender said on Wednesday.

The Yes Bank board had sought at least a three-month extension for Kapoor from the RBI beyond January 31, 2019. "The Reserve Bank of India has reaffirmed that a successor to Shri Rana Kapoor, MD & CEO, YES Bank should be appointed by February 1, 2019," the lender said in a stock exchange filing.

The RBI had earlier curtailed the three-year term that the board had sought for Kapoor, also one of the promoters of the bank, to January 31, 2019, and asked the bank to find a replacement. Yes Bank shares dropped 6.85 per cent to close at Rs 231.75 apiece on BSE.

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