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The Reserve Bank of India wants YES Bank to appoint a successor to its Managing Director and CEO Rana Kapoor by February 1, 2019.
“The Reserve Bank of India has reaffirmed that a successor to Rana Kapoor, MD and CEO, YES Bank, should be appointed by February 1, 2019,” the private sector lender said in a regulatory filing on Wednesday.
BusinessLine had reported on September 27 that the central bank is unlikely to give an extension to Kapoor.
The private sector lender, which has already set up a search and selection committee and has mandated Korn Ferry to help evaluate both internal and external candidates, said it plans to recommend potential candidates by the middle of December.
“The bank’s appointed committee is targeting to complete this recruitment process latest by mid-December 2018,” it said.
However, the RBI’s decision comes after the bank’s board of directors had decided to request an extension for Kapoor from the RBI for at least three months.
At a meeting last month, the board had decided to seek an extension for Kapoor until April 30, 2019, for finalising the audited financial statements for 2018-19, and then seek up to September 30, 2019, for the statutory annual general meeting process to be completed.
The RBI had trimmed a proposal for a fresh three year term to Kapoor and had asked him to step down by January 31, 2019.
YES Bank scrip fell 6.85 per cent on the Bombay Stock Exchange and closed at ₹231.75 apiece.
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