Yes Bank is going to recommend some names for new Chairman to RBI on December 13
One of the biggest money lenders, Yes Bank will recommend some names for the post of new chairman to RBI on December 13. Yes Bank is facing issues of governance as well as NPA (non-performing assets).
In recent meetings, Yes Bank has considered some names for independent directors as well as a new chairman. This list will be given to RBI for the confirmation of new entries. Yes Bank also repeated that the process of finding a successor to MD and CEO Rana Kapoor is on the track and said the resignations of three board members will not affect the company’s performance. Vasant Gujarathi, Rentala Chandrashekhar and Chairman Ashok Chawla have already quit the bank on various reasons like governance issues. The bank in between of all happenings, included Uttam Prakash Agarwal in its board to make the bench more powerful with seven members.
on December 12, Yes Bank's Search & Selection Committee (SSC) and Nomination & Remuneration Committee (N&RC) are going to meet for discussing the final shortlist for a new MD&CEO appointment. In September, RBI has announced that there will be no extension is going to provide to Rana Kapoor for continuing as MD and CEO of Yes Bank beyond January 31, 2019.
RBI has recently accused CEO & MD of Yes Bank for under-reporting of bad loans as well as lenient attitude towards corporate governance. It is the main reason that stock of the bank was declined to 11.25 percent on Bombay Stock Exchange (BSE).