Mumbai: The Reserve Bank of India (RBI) has decided against extending the tenure of Yes Bank’s MD and CEO Rana Kapoor beyond January 31, 2019.
According to Yes Bank’s statement on Wednesday, its Board will meet on September 25 to decide on the future course of action.
“Reserve Bank of India has vide letter dated September 17, 2018 received today, intimated that Rana Kapoor may continue as the MD and CEO till January 31, 2019,” it said.
The decision comes after the RBI in a letter dated August 30 had told the bank that Kapoor may continue as YES Bank chief till further notice from the central bank.
Earlier in June, the bank’s shareholders had approved extension of Kapoor’s tenure for three years starting September 2018, subject to final approval from the RBI.