The Reserve Bank of India (RBI) has cleared the appointment of Brahm Dutt as the new non-executive Chairman of the board of private sector lender YES Bank.
“The RBI, pursuant to the provisions of the Banking Regulation Act, 1949, and basis Brahm Dutt’s outstanding credentials and experience, has approved his appointment as Part-Time Chairman of YES Bank’s Board up till July 4, 2020 through its letter dated January 11, 2019,” said the bank in its official statement.
The appointment is valid till July 2020 as Dutt will attain 70 years of age by then.
He has been associated with the Board of the bank as an Independent since July 2013. He is a former bureaucrat (IAS) and was earlier appointed at the Ministry of Road Transport & Highways. He was also a Secretary in the Cabinet Secretariat.
On December 13 after the resignation of Chairman Ashok Chawla, the bank’s board had finalised the recommendation for the Chairman and suggested it to the RBI for approval.
With Dutt’s appointment, the bank’s board now comprises of Uttam Prakash Agarwal, Mukesh Sabharwal, TS Vijayan and Pratima Sheorey non-independent directors Rana Kapoor, Managing Director and CEO, Ajay Kumar and Rana Kapoor.