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Kapoor says he will be guided by RBI, bank board

Kapoor says he will be guided by RBI, bank board
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Yes Bank MD CEO, denied news reports that he would take the legal route against the RBIs decision on his reappointmentThe statement by Kapoor and the...

Mumbai: Yes Bank MD & CEO, denied news reports that he would take the legal route against the RBI’s decision on his reappointment.The statement by Kapoor and the bank comes ahead of the meeting of the board of directors in Mumbai to take stock of the RBI’s communication to the board that the CEO’s term should end on January 31, 2019.

Rana Kapoor said that he and his bank will be “guided by its board of directors , the RBI and other stakeholders”. RBI had last week given him only a five-month extension as against a 3 year term sought by the Yes Bank board.

Bank shares rose more than Rs 10 on Monday morning trade but lost all gains in the afternoon session and closed almost flat at Rs 226 and the sensex shed 537 points to close 105% lower at 36,305.

According to AOA of the Bank, promoters have all the rights to recommend the appointment of 3 directors. Articles also provide that Kapoor, whose family hold over 10% in the bank, is not liable to retire by rotation.

Yes Bank sought to assure investors that the bank was not facing any problem with the regulator. Statement pointed out that in April 2018, RBI granted the bank permission to open branches in London and Singapore and had also given its approval for import of gold and silver.

July 2018, Sebi gave the permission to set up a mutual fund business. A month after Sebi approved Yes banks custodian business. “The Bank is fully institutionalised as the professional bank of india over the past 14 years driven by seasoned leadership of top management professionals”.

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