RBI directs Yes Bank to appoint new CEO by Feb 1 2019

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Yes Bank will have to search for a new CEO with the Reserve Bank of India denying its request to extend the term of Rana Kapoor at the bank. According to a report by The Economic Times, the RBI has given Yes Bank time till February 1 2019 to appoint a new chief.

Yes-Bank
The RBI has asked Yes Bank to appoint a new chief by February 1 2019.

The bank had requested the RBI to allow Kapoor to continue till April 2019.

According to the same report, Yes Bank is aiming to hire a replacement by mid-December. The panel for the bank includes the likes of Brahm Dutt, Mukesh Sabharwal (both independent directors), Subhash Kalia (non-independent director), OP Bhatt (former chairman of SBI) and TS Vijayan (former chairman of IRDAI).

According to a report by Livemint, two possible contenders for the job are Pralay Mondal and Rajat Monga, both of whom were recently made executive directors at the bank.

Rana Kapoor has been the MD and CEO of the bank since it was incorporated in the year 2004.

Sources: Livemint, The Economic Times, Bloomberg Quint.

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