Ravneet Singh Gill to take over as YES Bank CEO after Rana Kapoor's departure on Jan 31

YES Bank on Thursday finally got the approval by the Reserve Bank of India (RBI) to name Ravneet Singh Gill as its CEO and MD.

RBI has approved the appointed of Gill as CEO & MD for a three-year term. (Image: Yes Bank/ Facebook)

Mumbai: YES Bank on Thursday finally got the approval by the Reserve Bank of India (RBI) to name Ravneet Singh Gill as its Chief Executive Officer (CEO) & Managing Director (MD). Gill, a career banker with Deutsche Bank, will take over YES Bank’s top post after the tenure of Rana Kapoor ends on January 31. Gill, currently Chief Executive of Deutsche Bank’s business operations in India, is expected to take charge latest by March 1, YES Bank said in a statement. As per reports, the Central Bank has approved the appointed of Gill as CEO & MD for a three-year term. It is also stated that the board members of YES Bank would meet on January 29 to take a final call on delegation of powers for the transition management in the interim period till the time Gill assumes office. It is also said that YES Bank has also appointed two new directors (independent) – Maheshwar Sahu, a former IAS officer and Anil Jaggia, a former banker with HDFC Bank. YES Bank also recommended the appointment of Ashish Agarwal as the executive director. The incumbent CEO Kapoor is also a co-promoter of the fifth largest private sector lender and was asked to step down by RBI by January 31 for yet unspecified reasons. According to a report by PTI, the announcement sent Yes Bank stocks rallying by around 15 per cent intra-day and closed the day at Rs 213.85, up 8.4 per cent on the BSE where the benchmark gained 0.24 per cent in choppy trade. After the RBI move, the bank shares had lost more than two-thirds of its value. Even after today's rally, the stock is almost 40 per cent below its 52-week high. Gill has had a long career with Deutsche Bank since 1991 and was the country chief executive from 2012. While the largest German bank has 16 branches in the country, Yes Bank has 1,115. The bank board unsuccessfully appealed to RBI for an extension to Kapoor beyond January. The rejection saw investors hammering the stock to multi-year lows and multiple directors, starting with Chairman Ashok Chawla, resigning from the bank board.