September 19, 2018 / 3:34 PM / a year ago

RBI says Yes Bank's Kapoor can remain CEO until Jan 2019

Yes Bank Chief Executive and Managing Director Rana Kapoor addresses a gathering in Gandhinagar in Gujarat January 12, 2015. REUTERS/Amit Dave/File Photo

(Reuters) - The Reserve Bank of India (RBI) has allowed Yes Bank Ltd Chief Executive Rana Kapoor to continue in the role until Jan. 31, 2019, the private-sector lender said on Wednesday.

Yes Bank shareholders had voted in June to extend Kapoor’s term as CEO and managing director for three years, but the lender had been awaiting approval for the plan from the RBI.

Media reports have previously said the RBI has been enquiring about Yes Bank’s regulatory compliance.

Its board of directors will meet on Sept. 25 to decide on the future course of action, it said in a statement

Yes Bank did not elaborate on the RBI’s directive when contacted by Reuters. The RBI did not immediately respond to a request for comment.

Reporting By Arnab Paul in Bengaluru; Editing by Sai Sachin Ravikumar

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