RBI reaffirms decision on tenure of Yes Bank's Rana Kapoor

Mumbai: The Reserve Bank of India (RBI) has reaffirmed that a successor to YES BANK`s MD and CEO Rana Kapoor should be appointed by February 1, 2019. The private lender had earlier said it will request RBI to extend Kapoor`s tenure up to minimum of April 30, 2019.

According to a company`s filing on Wednesday, Kapoor will be fully guided by its Board of Directors, the RBI and other relevant stakeholders. The company has constituted a "Search and Selection Committee" to evaluate both internal and external candidates and make suitable recommendations to the Board of Directors within stipulated timelines for RBI` s final approval.

"The bank`s appointed committee is targeting to complete this recruitment process latest by mid December 2018," the private lender said in a regulatory filing on Wednesday. Last month, RBI had rejected the bank`s request to extend Rana Kapoor`s tenure for three years and said he could continue until January 31, 2019.

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In June, the bank`s shareholders had approved extension of Kapoor`s tenure for three years starting September 2018, subject to final approval from the RBI.