Mutual Fund

Yes Bank board to recommend names for new chairman to RBI on December 13

Yes Bank Wednesday said its board on December 13 will recommend names for new chairman to be approved by the RBI as well as consider appointment of independent directors. The private sector lender, which is grappling with governance as well as NPA issues, has seen resignations of three independent directors, including Chairman Ashok Chawla. In a regulatory filing, the bank said its Nomination & Renumeration Committee (N&RC) of the board and the board of directors are scheduled to meet on December 13. During the meetings, they would consider proposals for appointment of independent directors and also recommend name(s) of the new chairman for approval of the RBI, it added. In the meantime, the bank inducted Uttam Prakash Agarwal in its board taking the current strength to seven members.

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