Rana Kapoor's tenure as YES Bank MD and CEO to end in January 2019

RBI has asked the bank to start the search for Kapoor's successor

YES Bank Managing Director (MD) and Chief Executive Officer (CEO) Rana Kapoor will have to step down from his position early next year.

The private sector lender said on Wednesday that the Reserve Bank of India (RBI) had allowed Kapoor to continue only till January 31. “The board of directors of the bank is scheduled to meet on September 25 to decide on the course of action,” YES Bank said in a filing to the stock exchanges. 

According to sources, the RBI has cited corporate governance and regulatory issues for not extending Kapoor’s term. Further, the lender has been directed to search