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Last Updated : Jan 11, 2019 04:23 PM IST | Source: Moneycontrol.com

Yes Bank proposes Rajat Monga, top foreign banker for CEO post

The bank had set up a search and selection committee to recommend both internal and external candidates. It will now require RBI approval.

Nikita Vashisht @nikita_vashisht
 
 
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Yes Bank has proposed the names of two senior bankers for the position of the bank's chief executive officer and managing director to the Reserve Bank of India (RBI), sources told Moneycontrol.

While one of them is CEO of a foreign bank, the other in the race is the current executive director of Yes Bank, Rajat Monga, according to people familiar with the development.

On January 9, Yes Bank informed the exchanges of the names shortlisted at its board meeting. It has sent a formal proposal to RBI on January 10.

Yes Bank didn’t provide any comment on this story.

The bank had set up a search and selection committee to recommend both internal and external candidates. It will now require RBI approval.

The RBI had in September 2018 directed the bank to cut short the tenure of CEO Rana Kapoor to January 31, 2019, following a mismatch in the non-performing assets (NPA) numbers of the bank versus calculations by RBI.

Rana had taken over as the CEO in 2004 and was given an extension of three years by shareholders in August 2018. The apex bank, however, directed the board to appoint a new chief by January 2019.
First Published on Jan 11, 2019 04:19 pm
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