Mumbai: Yes Bank will submit names of the potential candidates for its Managing Director and Chief Executive post to the Reserve Bank of India (RBI) on Thursday.
The bank in a regulatory filing after its Board meeting on Wednesday said that it has finalised the names which it will disclose only after RBI’s approval.
According to the bank, the candidates were finalised on the basis of recommendations made by the Search & Selection Committee (SSC) and the Nomination and Remuneration Committee (NRC).
“As mandated under the extant RBI norms, the Bank’s Board will submit an application to the RBI on January 10, 2019, seeking approval for the appointment of the new MD & CEO of Yes Bank,” the lender said in a regulatory filing to the BSE.
“On receipt of the RBI approval, the bank shall duly make the requisite disclosures to the stock exchanges, in terms of ‘Regulation 30 of the Listing Regulations’.”
There has been widespread speculation on Yes Bank Executive Director Rajat Monga and for MD and CEO of Max Life Insurance Rajesh Sud as being the front-runners for the post.
The SSC was set up to find a successor to the company’s MD and CEO Rana Kapoor. It had been mandated to evaluate both internal and external candidates and make suitable recommendations to the Board of Directors within stipulated timelines for RBI’s final approval.
In October, the RBI had reaffirmed that a successor to Yes Bank’s MD and CEO Kapoor should be appointed by February 1, 2019.