Following direction from the Reserve Bank of India, Yes Bank has clawed back bonuses worth Rs 1.44 crore paid to former chief Rana Kapoor, the bank said in the AGM notice sent to the exchanges on May 16.
It quoted the notice, “In accordance with the directions of RBI, the Board of Directors of the Bank had considered and approved clawback of 100 percent of performance bonus paid to Rana Kapoor for FY14-15 and FY15-16 net of taxes.”
The amount of bonus subjected to clawback was Rs 6,217,823 for FY 2014-15 and Rs 8,245,416 for FY2015-16. For FY 2016-17 and FY2017-18, the Bank had not paid any bonus to Kapoor.
He continues to be one of the promoters of Yes Bank and holds 10 percent in the lender.
RBI had in February 2019 proposed stricter rules for private bank heads’ compensation packages – suggesting 50 percent variable pay capped at 200 percent of fixed pay and stock options. It also recommended clawback measures.
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