Yes Bank appoints former SBI, IRDA chairmen as external experts to hunt for new CEO

Yes Bank has appointed two former chairmen — TS Vijayan of Life Insurance Corporation of India (LIC) and OP Bhatt of State Bank of India (SBI) to its search and selection committee to find a successor for Rana Kapoor. Rana Kapoor’s term as the chief executive officer and managing director (CEO and MD) ends on January 31, 2019. The internal members include — Brahm Dutt, Independent Director who is the Chairman of Nomination and Remuneration Committee (NRC), Lt. This comes after the Reserve Bank of India cut short the tenure of Rana Kapoor to five months as against three years up to 2021 proposed by the bank’s board and shareholders earlier this year. Although the central bank has not cited any reasons publicly, a high quantum (Rs 10,500 crore) of under-reporting of bad loans by the bank for two consecutive fiscal years had come under the scanner.

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