Private sector lender Yes Bank has on Thursday named Ravneet Singh Gill as the next managing director and chief executive of the bank. He will succeed Rana Kapoor, whose term ends on January 31. "The bank has received Reserve Bank approval for new managing director and chief executive Ravneet Gill. He can join on or before March 1, 2019," the bank said in a statement.
The Reserve Bank had last September asked Kapoor, who is one of the promoters of the city-based lender along with his sister-in-law Bindu Kapur, to leave the office by the end of this month.
Earlier in September 2018, the RBI had rejected the bank's request to extend Rana Kapoor's tenure for another three years, saying he could continue until January 31, 2019. Though the RBI had not cited any specific reasons while not accepting a new three-year term for Kapoor and asked him to leave latest by January 31, it is attributed to under-reporting of bad loans for two years by the bank under Kapoor's watch.
The announcement regarding the appointment of Ravneet Singh Gill sent the Yes Bank counter rallying by over 14.5 percent to close at Rs 225.95 on the BSE whose benchmark closed the day with around 0.24 percent gains in a choppy trade.
Here are some facts you need to know about Ravneet Gill