The Reserve Bank of India (RBI) has ruled out the prospect of an extension for Yes Bank CEO and managing director (MD) Rana Kapoor beyond his current tenure of up to January 31, 2019, approved by the central bank earlier.
The bank had, in late September, urged the RBI to extend the tenure of Mr. Kapoor till September 2019 in order to help finalise the bank’s financial statements for the year 2018-19.
Informing the stock exchanges of a central bank communique in this matter, Yes Bank said on Wednesday it is striving to finalise a successor for Mr. Kapoor by the middle of December this year, in time for securing regulatory approvals so as to ensure a smooth transition at the bank’s helm from February 1 next year.
The bank’s search and selection committee, which had mandated executive search firm Korn Ferry to help evaluate potential candidates to take over from Mr. Kapoor, is targeting to ‘complete this recruitment process latest by mid-December 2018.’ The committee would make suitable recommendations to the bank’s board of directors within stipulated the timeline for RBI’s final approval, the statement said.