Yes Bank Board To Recommend Names For New Chairman

Employees enter a Yes Bank branch at its headquarters in Mumbai, India January 17, 2018. Picture taken January 17, 2018. REUTERS/Danish Siddiqui

CORPORATE

Yes Bank has said its board on December 13 will recommend names for new chairman to be approved by the RBI as well as consider appointment of independent directors.

The private sector lender, which is grappling with governance as well as NPA issues, has seen resignations of three independent directors, including Chairman Ashok Chawla.

In a regulatory filing, the bank said its Nomination & Renumeration Committee (N&RC) of the board and the board of directors are scheduled to meet on December 13.

During the meetings, they would consider proposals for appointment of independent directors and also recommend name(s) of the new chairman for approval of the RBI.

Yes Bank also reiterated that it is on track to find a successor to MD and CEO Rana Kapoor and said the resignations of the three board members will have no impact on the succession plan.