January 31, 2019 / 12:07 PM / 9 months ago

India's Yes Bank appoints Ajai Kumar as interim chief executive

Jan 31 (Reuters) - Yes Bank Ltd on Thursday named Ajai Kumar as interim chief executive, effective Feb. 1, until Ravneet Gill takes charge.

Rana Kapoor stepped down as CEO on January 31 after the bank's founder completed his truncated term, the lender said in a statement here

Yes Bank hired Gill, the head of Deutsche Bank India , as its new chief executive last week after the Reserve Bank of India (RBI) demanded that Kapoor be replaced.

The RBI had denied Kapoor an extension to his term twice last year without giving a reason and asked Yes Bank to find a new CEO by Feb. 1, exemplifying an increasingly assertive approach to tackling Indian banks’ bad debts.

Reporting by Chris Thomas in Bengaluru, Editing by Sherry Jacob-Phillips

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