The Reserve Bank of India is yet to approve YES Bank’s proposal to induct three of its senior management executives into the board of directors. On 28 June 2013, the bank had informed the stock exchanges that its board had approved the appointment of Rajat Monga, Sanjay Palve and Pralay Mondal as whole-time directors. The board approved the proposals to make Monga executive director and chief financial officer, Palve the executive director for wholesale banking and Mondal the executive director for branch and retail banking. The appointments were subject to approval from the banking regulator and shareholders of YES Bank. RBI had approved the appointment of M.R. Srinivasan as non-executive chairman, and of Ravish Chopra and Arun Diwan Nanda as independent directors of the bank last year.