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With less than a week to go, private sector lender YES Bank is still awaiting approval from the Reserve Bank of India for its proposal to reappoint Rana Kapoor as Managing Director and CEO for a three-year term.
Kapoor’s current term will end on August 31, and his new stint would be effective from September 1.
The lender’s shareholders had approved the proposal for Kapoor’s re-appointment at its 14th annual general meeting in June this year. The appointment is subject to RBI approval.
“We are also awaiting confirmation from the RBI,” Ashok Chawla, Non-Executive Part-Time Chairman, YES Bank, told BusinessLine .
“There are still a few days left and even if the RBI approval comes on the last day, it should not be a problem,” noted an industry source. YES Bank declined to comment on the issue.
However, investors seemed to be worried, and the bank’s scrip fell 3.07 per cent to close at ₹371.35 apiece on the BSE on Tuesday.
A veteran banker, Kapoor has been heading the bank since its inception in 2004. Prior to that, he was the CEO and Managing Director and main Managing Partner of Rabo India Finance. He has also worked as General Manager and Country Head, ANZ Grindlays’ Investment Bank, and was with the Bank of America for 15 years.
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