The RBI had allowed Rana Kapoor to continue as managing director and CEO of Yes Bank till further notice
Yes Bank said on Wednesday that Rana Kapoor received approval from the Reserve Bank of India (RBI) to continue as its CEO and managing director till January 31 next year. However, he had sought a three-year extension till August 31, 2021, according to a report by news agency Press Trust of India. The private sector bank, said in a filing to stock exchange BSE, that its board of directors would meet on September 25, 2018 to decide on the “future course of action”. Mr Kapoor has served as the bank’s chief executive officer since its inception in 2004. Yes Bank shareholders had voted in in June this year to reappoint Mr Kapoor as the CEO and managing director for three years, subject to final approval from the central bank.
At the end of his current three-year term in August, the Reserve Bank of India had allowed him to continue till further notice.
Shares of Yes Bank closed 1.5 per cent lower at Rs 318.60 apiece on the NSE, ahead of the announcement of RBI nod to Mr Kapoor.
Mr Kapoor holds an MBA from Rutgers’ University in New Jersey, United States (1980), and a Bachelor’s degree in Economics (Honours) from the University of Delhi (1977).
Prior to establishing Yes Bank along with his brother-in-law Ashok Kapur, Rana Kapoor served as CEO and managing director of Rabo India Finance (RIF), and spent 15 years at Bank of America (1980-1995).
Yes Bank reported a net profit of Rs 1,260 crore in April-June as against Rs. 966 crore in the corresponding period a year ago, marking a year-on-year increase of 30.5 per cent. The profit was driven by higher interest income and growth in its corporate banking division. (With agencies inputs)