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Ashok Chawla has resigned as non-executive independent part-time Chairman of private sector lender YES Bank.
Making the announcement on Wednesday, YES Bank said Chawla’s resignation from the bank’s board is with immediate effect.
“He mentioned that during the current transition period, the bank would need a Chairman who could devote more time and attention,” it said in a statement, adding that the bank will in due course announce the appointment of a Chairman, post RBI’s approval.
A former Secretary in the Finance Ministry, Chawla has faced questions over possible conflict of interest over various positions he currently holds, including Chairman of the NSE and a board member of Jet Airways.
He was appointed as the non-executive Chairman of YES Bank in 2016.
The private sector lender is already in the midst of finding a successor to its Managing Director and CEO Rana Kapoor.
Additional director
Meanwhile, YES Bank also announced the appointment of Uttam Prakash Agarwal as an Additional Director (Independent), with immediate effect for five years.
He will replace Vasant Gujarati who has tendered his resignation from the board of the bank, with immediate effect, due to personal commitments.
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