Yes Bank promoter groups to nominate one director each on Bank's Board

Yes Bank on Tuesday said its two promoter groups -- Madhu Kapur Group and Rana Kapoor Group -- have agreed to nominate one representative Director each on the Bank's Board.

The bank, in a regulatory filing also said that it has sought the Reserve Bank of India's approval to appoint a temporary MD and CEO from February 1, 2019, till Ravneet Singh Gill takes over as the next full-time MD and CEO on March 1.

"The two new appointed Directors will be announced at the next scheduled Board meeting in April, 2019. This is intended to ensure better coordination and support by the two promoter groups with the new MD & CEO and the Board of Directors of the Bank," it said.

The development comes after the bank on January 24 announced that Deutsche Bank India CEO Ravneet Singh Gill will become the next MD and CEO of Yes Bank from March 1.

The RBI approved Gill's name for the post, the bank said in a regulatory filing after the board's meeting on January 24. Gill will replace Rana Kapoor, whose term ends on January 31, 2019.

--IANS

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