Ashok Chawla steps down as non-executive chairman of YES Bank

Ashok Chawla continues to be a director on the boards of the National Stock Exchange and Jet Airways

Two members of the board of directors at YES Bank have resigned with immediate effect — Ashok Chawla, its non-executive chairman, and Vasant Gujarati.

The bank, fourth largest among private lenders, has appointed Uttam Prakash Agarwal, a chartered accountant, as an independent director in place of Gujarati. The appointment will have to be confirmed at the next shareholder meeting.

YES Bank is also in the process of selecting a new managing director and chief executive, to succeed Rana Kapoor, the incumbent one. In September, the Reserve Bank of India had rejected its request to grant another three-year term commencing September 1 to Kapoor. The central bank later directed that a successor to Kapoor be appointed by February 1, 2019.

Chawla continues to be a director on the boards of the National Stock Exchange and at Jet Airways.

Gujarati had resigned due to personal commitments, the bank said.