Paresh Sukthankar, former Deputy Managing Director, HDFC Bank, has emerged as the top contender for the post of Managing Director and CEO at YES Bank.

The board of the private sector lender had met on January 9 and shortlisted candidates to succeed its current MD and CEO Rana Kapoor, who is to step down at the end of the month.

The board, on January 10, is understood to have sent the shortlisted names to the Reserve Bank of India to decide on the final candidate.

Though YES Bank did not make the name of the candidates public, sources said it has sent the names of at least three candidates to the central bank. Sukthankar, who was widely seen as successor to HDFC Bank MD and CEO Aditya Puri, had resigned as the DMD of the bank in August last year. A banking veteran, he had been associated with HDFC Bank since its inception in 1994.

Rajat Monga, Senior Group President, YES Bank, is the other strong contender to the top post at YES Bank, and is also one of the internal candidates.

Rajesh Sud, former Managing Director and CEO, Max Life Insurance, who was also shortlisted for the position, is understood to have bowed out of the race. The RBI is expected to revert with its decision in the next few weeks as Kapoor’s term will come to an end after January 31, 2019, and the new MD and CEO is to take charge from February 1.

Meanwhile, the board of YES Bank will meet again on January 24 to approve its results for the third quarter and nine months of the financial year, the lender said in a regulatory filing.

YES Bank shares on Friday fell 1.47 per cent, and closed at ₹ 183.95 apiece on the BSE.

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