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Thursday, August 27, 2015

RBI approves reappointment of Rana Kapoor as MD & CEO of YES Bank for 3 years

RBI approves reappointment of Rana Kapoor as MD & CEO of YES Bank for 3 years


The Reserve Bank of India (RBI) has approved the appointment of Rana Kapoor, aged 58, as MD and CEO for a term of three years at YES Bank. The RBI has extended the term from September 1, 2015 to 2018. 
 Last September, RBI had raised the age limit of private bank chiefs to 70, paving the way for private bank chiefs to serve a longer term.

Kapoor is also the largest shareholder in the bank and holds 11.76 per cent of the entire shareholding. He is also caught up in a legal battle with Madhu Kapur, who is the second-largest shareholder in the bank, holding 10.28 per cent share in the bank.

Kapur's husband, Ashok Kapur had co-founded YES Bank with his brother-in-law Rana Kapoor. Madhu Kapur and Rana Kapoor's wife Bindu are sisters. Kapur had moved court, claiming her right as the bank's co-promoter was violated and she wasn't consulted before the bank had appointed a few directors on its board.

In the annual general meeting, apart from approving Kapoor's appointment, shareholders had also approved the bank's plan to raise $1 billion (Rs 6,500 crore) by fresh equity and Rs 10,000 crore through non-convertible debentures and bonds. The lender had said it was aiming to raise the money to grow into a "meaningful large bank by 2020".

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