Private lender YES Bank’s decision to appoint Deutsche Bank India’s former head Ravneet Singh Gill as its new Chief Executive Officer (CEO) has received final nod from the Reserve Bank of India (RBI).
Gill will be replacing incumbent chief executive Rana Kapoor. Kapoor was denied any further extension from the RBI and directed the lender to finalise a new CEO by February 1.
The Central Bank approved Gill’s appointment and his joining at YES Bank will be on March 1, 2019, announced by the bank, in its official communiqué.
The bank’s Board will meet on January 29 in a bid to finalise the interim transition.
Shares of the bank surged over 19.1 percent post the announcement exhibiting its sharpest intra-day jump since September 2013.
“The bank has received Reserve Bank approval for new managing director and chief executive Ravneet Gill. He can join on or before March 1, 2019,”YES Bank said.