Bhatt, Vijayan to be in Yes Bank’s search committee

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Mumbai, Oct 5 (IANS) Yes Bank on Friday said that T.S. Vijayan, past Chairman of IRDAI and LIC and O.P. Bhatt, past CMD, State Bank of India, will be a part of its “Search and Selection Committee” as “external experts”.

The private lender established a “Search and Selection Committee” comprising three existing Nomination and Remuneration Committee Board Members and two “external experts” to find a successor to the bank’s MD and CEO Rana Kapoor.

The committee was formed after RBI in September rejected the bank’s request to extend Kapoor’s tenure for three years and said he could continue until January 31, 2019.

However, the bank will seek more time for Kapoor in the post, at least till April 30, 2019.

In June, the bank’s shareholders had approved extension of Kapoor’s tenure for three years starting September 2018, subject to final approval from the RBI.

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“The bank has invited proposals from global leadership advisory firms specialising in BFSI (Banking, Financial Services and Insurance). The first meeting of the ‘Search & Selection Committee’ is scheduled on October 11, 2018 for finalisation of the advisory firm,” the bank said in a statement on Friday.

–IANS

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