Yes Bank board to meet Tuesday after RBI directive on Kapoor's tenure

Yes Bank's board will meet Tuesday to decide on future course of action following the RBI's directive that the current CEO and MD Rana Kapoor should step down by end-January.

Yes Bank's board will meet Tuesday to decide on future course of action following the RBI's directive. Image source: Reuters

Yes Bank's board will meet Tuesday to decide on future course of action following the RBI's directive that the current CEO and MD Rana Kapoor should step down by end-January.

Kapoor, who has been managing director and CEO since the bank's inception in 2004, had sought a three-year extension till August 31, 2021. However, the sector regulator did not agree to the request and permitted him to continue only until January 2019.

Ahead of the board meeting, the bank said it has performed consistently under the leadership of Kapoor.

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"The Bank has a demonstrated track record of consistent delivery of business and financial outcomes over the last 14 years, since the commencement of its operations in mid-2004, across all critical parameters such as capital adequacy, credit risk, profitability, operating efficiency, growth, etc," it said in a regulatory filing.

The bank, it added, would like to inform its stakeholders that the Bank and its MD & CEO will be fully guided by its Board of Directors, the RBI and other relevant stakeholders.

Yes Bank also said that credit costs of the bank were contained at 50 bps, 53 bps and 76 bps for 2015-16, 2016-17 and 2017-18 respectively.

The gross NPA and Net NPA ratio stood at 1.31 per cent and 0.59 cent respectively as on June 30, 2018, remain one of the lowest across banks in India, Yes Bank added.

Yes Bank shares slipped 0.35 per cent to settle at Rs 226.25 on BSE.

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