Money & Banking

YES Bank’s Gill to get annual salary of Rs 6 cr

Our Bureau Mumbai | Updated on May 17, 2019 Published on May 17, 2019

Ravneet Gill, MD & CEO, YES Bank

Private sector lender YES Bank’s new Managing Director and CEO, Ravneet Gill, will get a salary of Rs 6 crore per year, apart from perquisites and employee stock options worth Rs 67.50 lakh, according to the proposal in the bank’s annual report for 2018-19.

The bank has also recalled the bonus of Rs 1.44 crore to co-founder and former MD and CEO, Rana Kapoor.

“In accordance with the directions of RBI, the board of directors of the bank had considered and approved claw-back of 100 per cent of performance bonus paid to Rana Kapoor for 2014-15 and 2015-16 net of taxes,” the report said.

The amount of bonus subjected to claw-back was Rs 62.17 lakh for 2014-15 and Rs 82.45 lakh for 2015-16. “For 2016-17 and 2017-18, the bank has not paid any bonus to Rana Kapoor,” the report revealed.

The bank will hold its annual general meeting on June 12 and the proposals will be approved by the shareholders.

The bank has, however, allowed him to use the bank’s accommodation and car for a period of three months from February 1 to April 1 this year. This was further extended by the RBI for another three months.

Appointment of Gandhi positive

Meanwhile, in a separate statement on Friday, YES Bank said the appointment of R Gandhi by the Reserve Bank of India as an additional director is “a very positive and constructive measure, aimed at further strengthening the board”.

This will not impede the smooth, independent and effective functioning of the bank in any way, the lender said in a statement.

“RBI is supportive of a strong and successful YES Bank and we stand committed to serving the best interests of all our stakeholders,” it further said.

The bank’s scrip was up over two per cent on BSE in early morning trade.

 

Published on May 17, 2019
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