With less than a month to go before its current Managing Director and CEO Rana Kapoor steps down, the board of private sector lender YES Bank will meet on Wednesday to decide on a potential successor.

The board is likely to recommend the name of the proposed MD and CEO to the Reserve Bank of India (RBI) for approval.

The Search and Selection Committee of the board is understood to have shortlisted three candidates. The bank’s Senior Group President – Financial Markets, Rajat Monga, is seen as the top contender for the post. Rajesh Sud, former MD, Max Life Insurance, is understood to be another candidate. As directed by the RBI, Kapoor will step down at the end of this month, and the new MD and CEO is expected to take over from February 1.

The bank’s board had earlier met on December 13 when it had appointed the new Chairman.

At the time, it had said the Search and Selection Committee had shortlisted external and internal candidates, with whom it would engage before finalising its recommendations.

“The final recommendation will be submitted to the RBI by the board of directors after their next meeting scheduled on January 9, 2019,” YES Bank had said at the time.