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Yes Bank Stocks Slump Close to 6% After RBI Defers Term Extension of CEO

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Shares of one of India's leading private bank slumped after the Reserve Bank of India (RBI) deferred the approval of its Chief Executive Officer (CEO) for another three-year term.

Yes Bank's Rana Kapoor has been given permission by the RBI to continue as managing director and CEO of the Mumbai-based lender until "further notice," said the bank's regulatory filing on Thursday night.

Yes Bank Stocks Slump Close to 6% After RBI Defers Term Extension of CEO
 

In the month of June, shareholders of the bank had voted for the approval of the extension of his services as the CEO for three years after his current term that will end on 31 August.

The shares of Yes Bank were trading 5.9 percent lower from its previous close in the morning session.

According to Bloomberg's data, it is the fourth largest bank by assets and one of the most profitable in terms of return on assets.

The RBI has been attempting to get a grip on the $210 billion stressed assets weighing down the banking system and improve the lending growth. It had asked banks to disclose any divergences from April 2017.

In October last year, Yes bank was one of the many banks that were penalized by the RBI for governance issues. A Rs 60 million fine was imposed for its size of loan discrepancies among other issues.

Read more about: yes bank
Story first published: Friday, August 31, 2018, 12:46 [IST]
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