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