RBI directs YES Bank to appoint new chief by Feb 1, no extension for Rana Kapoor

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The Reserve Bank of India (RBI) has refused to grant any further extension to YES Bank Managing Director and Chief Executive Officer Rana Kapoor and asked the lender to name a new chief by February 1, 2019, informed the bank on Wednesday.

rana_kapoorThe private lender had requested the regulatory body to provide at least a three-month extension for Kapoor beyond January 31, 2019.

The Reserve Bank of India has reaffirmed that a successor to Shri Rana Kapoor, MD & CEO, YES Bank should be appointed by February 1, 2019,” said the lender in a stock exchange filing.

The RBI had earlier cut-short Rana’s three-year term that the board had sought, to January 31, 2019, and asked the bank to look for a replacement.

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