The Yes Bank has formed a five member panel including two members from outside the bank to find a successor to founder CEO Rana Kapoor, less than a week after Reserve Bank of India (RBI) cut short his tenure until January 31 2019.In a press release sent to the exchanges late on Tuesday evening, Yes Bank said that the search and selection committee would comprise of three members of the banks nomination and remuneration committee and also two external members, which the bank did not specify.However, the board has requested the Reserve Bank of India (RBI) to grant an extension to Kapoor up to September 2019 for finalisation of audited financial statements for fiscal year ending March 2019 and in order for the statutory AGM process to be completed.The board has also recommended the elevation of senior group presidents Rajat Monga and Pralay Mondal as executive directors to ensure a long term succession plan within Yes Bank, and given the demonstrated track record of these two senior leaders.
All this will be subject to RBI approval.