RBI to Yes Bank: Name Kapoor’s successor by Feb 1

rejecting Yes Bank’s request to extend managing director (MD) and chief executive officer (CEO) Rana Kapoor’s tenure, the Reserve Bank of India (RBI) directed the bank to appoint his successor by February 1, 2019.

“The Reserve Bank of India has reaffirmed that a successor to Rana Kapoor should be appointed by February 1, 2019,” the private sector lender said in a statement to stock exchanges on Wednesday. In June, Kapoor had sought a three-year extension till 31 August 2021, but the regulator had agreed to extend his term only till January 31, 2019.

On September 25, the bank’s board said that it would ask RBI to grant eight months’ extension to Kapoor.

It said that it will first seek Kapoor’s extension till April 30 so that he could help finalize the financial statements for the year ending March 31, 2019. Thereafter, it would apply for yet another extension till September 30 so that Kapoor could preside over the annual general meeting.

On Wednesday, the bank reiterated that the managing director and chief executive officer will be fully guided by the board of directors, the RBI and other relevant stakeholders.

MUMBAI:Effectively