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Private sector lender YES Bank is likely to appoint independent director Brahm Dutt as its Non-Executive Part-Time Chairman.
Sources said the bank’s board of directors, at its meeting on Thursday, approved Brahm Dutt’s name for the post, and has recommended it to the Reserve Bank of India.
“A formal announcement is likely next week once the approval from the RBI comes in,” said the source, adding that he is likely to get a three-year term.
“The bank’s Nomination & Remuneration Committee and board of directors have finalised the recommendation for Non-Executive Part-Time Chairman position, and shall be promptly seeking approval from the Reserve Bank of India,” YES Bank said in a regulatory filing on Thursday after the meeting of its board.
He will take over the position after former Finance Secretary Ashok Chawla resigned from the post suddenly last month. A former bureaucrat, Brahm Dutt has been on the board of the private sector lender as an independent director since 2013.
He is also the Chairman of the bank’s Nomination and Remuneration Committee, and also chairs the search and selection panel that was set up to select the new Managing Director and CEO to succeed Rana Kapoor. Prior to retirement from the Indian Administrative Service, he was posted as Secretary in the Cabinet Secretariat and in the Ministry of Road Transport and Highways.
YES Bank shares gained 3.23 per cent on the BSE, closing at ₹180.35 apiece on Friday.
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