RBI has asked Yes Bank to find a replacement for Chief Executive Officer Rana Kapoor by 31 January, 2019. 

Yes Bank Names Brahm Dutt As Part-Time Chairman

Yes Bank Ltd. announced today the appointment of Brahm Dutt as non-executive part-time chairman of its board after getting the central bank approval.

Dutt, an IAS officer for 37 years, has been an independent director on the bank’s board since July 2013 and is currently also the chair of the Nomination and Remuneration Committee.

The chairman post fell vacant after resignation of Ashok Chawla in November following issues related to probity.

The Reserve Bank of India, pursuant to the provisions of the Banking Regulation Act, 1949, and basis Brahm Dutt’s outstanding credentials and experience, has approved his appointment as Part-Time Chairman of Yes Bank’s Board up till Jul. 04, 2020 vide its letter dated Jan. 11, 2019.
Yes Bank Press Release

Meanwhile, the board on Wednesday said it has selected potential candidates to replace Founder and Chief Executive Officer Rana Kapoor, without naming the people.

Kapoor is set to step down as CEO of the bank he co-founded at the end of January. This, after the RBI denied him an extension. While Yes Bank has seen rapid growth over the last decade, Kapoor’s leadership came into question after the regulator pointed out discrepancies in the way the bank reported its bad loan numbers.

Also read: Deep Concern, Dismay And Distress – Why R Chandrashekhar Quit Yes Bank’s Board