UPDATE 1-India's Yes Bank told to find new CEO by Feb. 1 [Reuters (UK)]
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Source: Reuters
UPDATE 1-India's Yes Bank told to find new CEO by Feb. 1 | Reuters 2 Min Read (Adds background, context) Oct 17 (Reuters) - India's Yes Bank Ltd on Wednesday said bit.ly/2P3uCCb the Reserve Bank of India had reaffirmed that the retail bank should appoint a successor to Chief Executive Rana Kapoor by February 1, 2019. Last month, the central bank said Kapoor could only stay in his job until Jan. 31 without specifying a reason, even though Yes Bank’s shareholders’ had agreed to extend his term for three years. The lender’s shares had dropped about thirty percent on the news. Yes Bank then asked for central bank approval to extend Kapoor’s term beyond January to allow more time to find a replacement. But the central bank has stuck with its deadline for a new CEO. The Reserve Bank’s action highlights its increasingly proactive approach to tackling the problems in India’s banking sector caused mainly by bad debts. Kapoor, viewed as a charismatic business leader and one of India’s most prom
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