Money & Banking

Yes Bank’s former interim MD & CEO Ajai Kumar quits board

PTI Mumbai | Updated on June 10, 2019 Published on June 10, 2019

Shares of Yes Bank dropped 2.89 per cent to close at Rs 135.9 apiece on the BSE on Monday   -  Reuters

Earlier in January, Yes Bank senior group president and head - retail and business banking Pralay Mondal had tendered his resignation

Ajai Kumar, a non-executive director of Yes Bank, on Monday, has resigned from the board due to personal reasons.

He served as the bank’s interim Managing Director (MD) and Chief Executive (CEO) for one month after Rana Kapoor’s exit.

The mid-sized private lender had appointed Kumar, who had led state-run Syndicate Bank in the past, as its interim successor for a month till Ravneet Singh Gill (who was working at Deutsche Bank India) took over from March 1.

The Reserve Bank (RBI) had last September asked Kapoor, co-founder and MD and CEO of Yes Bank, to leave office by January 31.

“Ajai Kumar, Non-Executive (Non-Independent) Director of the Bank has tendered his resignation on June 9, 2019, with immediate effect due to personal reasons,” Yes Bank said in a stock exchange filing.

After Gill joined the bank, Kumar ceased to be an Interim MD & CEO of the bank. However, he continued as a non-executive non-independent director on the board of the bank.

In recent past, the bank has seen several exits, including that of former bureaucrat Ashok Chawla as non-executive chairman of Yes Bank.

Earlier in January, Yes Bank senior group president and head - retail and business banking Pralay Mondal had tendered his resignation.

Shares of Yes Bank dropped 2.89 per cent to close at Rs 135.9 apiece on the Bombay Stock Exchange (BSE) on Monday.

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Published on June 10, 2019
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