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RBI allows Rana Kapoor to stay till 31 January 2019

The Reserve Bank has given approval for Rana Kapoor to continue as MD and CEO of YES Bank till 31 January 2019. The bank’s shareholders had earlier in June recommended Kapoor’s name for the position for a period of 3 years. His current term had ended on 31 August, but RBI had allowed him to continue till further notice. RBI has also asked the bank to draw up a succession plan at its next board meeting. News reports suggested that the bank will request RBI to reconsider its decision and allow Kapoor to have a longer tenure. This is especially done in view of the still unresolved face-off between the bank’s 2 promoters – Kapoor and Madhu Kapur. Intervening in the matter, the Bombay High Court had ruled that any new whole-time director on the board of the bank can be appointed only with the consent of all the promoters.

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