The Reserve Bank of India (RBI) has approved the appointment of Rana Kapoor as the Managing Director and Chief Executive Officer of YES Bank till further notice.
The central bank has allowed Kapoor to continue working on his present position just a day prior to the end of his current three-year term at the bank.
“We wish to inform you that the bank has received RBI’s approval that Shri Rana Kapoor may continue as Managing Director & CEO of Yes Bank till further notice from RBI. You are requested to take note of the same,” the bank told stock exchanges in a notice.
Kapoor has been positioned as the founder CEO of the bank since its inception in 2004. In June, YES Bank’s shareholders approved another three-year term for him in June. However, Kapoor’s position in the bank was uncertain as the final approval from the apex regulatory authority was awaited.
His term at the bank was set to end on August 31 and the RBI approved his term just a day before the term ended. According to the sources, RBI had questioned him regarding the high divergence in NPAs and also enquired about the sanction of loans to a few borrowers.
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