YES Bank has appointed former State Bank of India chief OP Bhatt and former insurance regulator TS Vijayan as external experts to help find a successor to its Managing Director and CEO Rana Kapoor.

“The search and selection committee, will comprise of the external experts TS Vijayan, past Chairman of IRDAI and Life Insurance Corporation of India and OP Bhatt, former CMD, State Bank of India,” YES Bank said on Friday.

Internal members

Additionally, internal members to the search panel will include the members of the Board’s Nomination and Remuneration Committee — Brahm Dutt, Independent Director, who chairs the Committee as well as Mukesh Sabharwal an Independent Director and Subhash Chander Kalia, Non-Executive Non-Independent Director.

YES Bank has also invited proposals from Global Leadership Advisory Firms specialising in the banking and financial sector to work with the search and selection committee and help recommend potential candidates.

“The first meeting of the search and selection committee is scheduled on October 11 to finalise the advisory firm,” the Bank said.

The background

YES Bank, which is the country’s fourth largest private sector lender, is looking for a new chief after the Reserve Bank of India asked its MD and CEO Rana Kapoor to step down after January 31, 2019.

The Board of Directors of the lender had then met on September 25 to finalise the succession roadmap and had announced the setting up of the search and selection committee.

The bank is also hoping to get an extension from RBI for Kapoor till April next year and then if possible till September 2019.

Shares of YES Bank fell 4.16 per cent and closed at ₹ 206.20 apiece on the Bombay Stock Exchange.

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