RBI Denies Yes Bank’s Request For Extension Of Rana Kapoor’s Term
They tried. They failed.
A request by the board of Yes Bank Ltd. to seek an extension of Chief Executive Officer Rana Kapoor's term until September 2019 has been rejected by the regulator, the private lender said in a notification to stock exchanges.
On Sept. 19, the bank had disclosed that the Reserve Bank of India had asked Kapoor to step down as MD & CEO of the bank by Jan. 31, 2019. The regulator's diktat came in response to the bank's attempt to reappoint Kapoor for another three-year term. A week after the RBI's communication to the bank, its board decided to write to the regulator asking that Kapoor be allowed to stay on till April 2019 to finalise financial results for the year and till September 2019 to complete annual general meeting formalities.
The RBI has now rejected that request too, leaving the bank with little choice but to find a successor to Kapoor immediately.
The Reserve Bank of India has reaffirmed that a successor to Rana Kapoor, MD & CEO, Yes Bank, should be appointed by Feb. 1, 2019. As communicated by the bank in the press release dated Sept. 24,2018, the MD & CEO will be fully guided by its board of directors, the Reserve Bank of India and other relevant stakeholders.Yes Bank Statement
To be sure, the bank has initiated this process. It has set up a search committee, which includes two external members in the form of former Insurance Regulatory and Development Authority chief TS Vijayan and former State Bank of India chief OP Bhatt. The bank also appointed international firm Korn Ferry to assist with the search.
Kapoor is the founder CEO of Yes Bank and has been at the helm of the bank since 2003.
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