Ashok Chawla takes over as non-executive chairman of Yes Bank

Former finance secretary and Competition Commission of India (CCI) chairman Ashok Chawla has taken charge as non-executive chairman of Yes Bank from Sunday.

Chawla took over after non-executive part-time chairperson Radha Singh completed her tenure as the bank's director on Saturday, Yes Bank informed the stock exchanges.

"..Furtherance to company's letter dated August 22, 2016 intimating the receipt of approval of Reserve Bank of India (RBI) for appointment of Ashok Chawla as non-executive part-time chairman of the bank for a period of three years from the date of his taking charge," Yes Bank said in a BSE filing on Sunday.

The bank further said,"Radha Singh, Non-Executive Part-time Chairperson of the Bank has completed her tenure as non-executive part-time chairperson of bank as on October 29, 2016 and accordingly ceases to be director on the board of the bank at the close of business on October 29, 2016."

A former IAS officer, Singh was non-independent director on the bank's board since April 2008 and was appointed chairperson in 2014.

In March this year, Chawla was appointed additional non-executive director on the bank's board. He was to be appointed as non-executive chairman of the bank after the end of Singh's term, the bank had then informed the bourses

The stock of Yes Bank closed up 1.41% or Rs 17.65 at Rs 1,271. 90 on the BSE on Friday.