Yes Bank gets Reserve Bank of India nod for re-appointment of  Rana Kapoor as MD and CEO

Mumbai : Private sector bank Yes Bank yesterday announced that it has received Reserve Bank of India (RBI) nod for the reappointment of Rana Kapoor as the Managing Director and CEO till further notice from the central bank. The Bank’s board of Directors has already approved the re-appointment. However, the Reserve Bank of India had sought an explanation from them on the rationale and terms of Kapoor’s appointment.  The board sent its written response to the regulator after a meeting held on Tuesday.

“We wish to inform you that the bank has received the RBI’ s approval that Shri Rana Kapoor may continue as managing director and CEO of YES Bank till further notice from RBI,” the bank said in an regulatory filing.

Kapoor’s current tenure as the managing director and CEO ends today. Earlier in June, the board and shareholders had approved Kapoor’s reappointment for three years, but the proposal has been pending with RBI since then.