YES Bank received the Reserve Bank of India’s approval for the continuance of Rana Kapoor as MD and CEO of the bank. The order does not specify any tenure but says Kapoor will hold office till further notice from the central bank. The bank’s shareholders had in June approved the re-appointment of Kapoor as MD and CEO for 3 years, subject to the final approval from RBI. The bank said in a regulatory filing that it has received the RBI’s approval that Rana Kapoor may continue as MD & CEO of the bank till further notice from RBI. As a promoter, Kapoor and his family own a 10.66% stake in the bank. He has been the bank’s CEO since 2004.
