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Report: India's Yes Bank to appoint Brahm Dutt interim chairman


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Report: India's Yes Bank to appoint Brahm Dutt interim chairman

India-based private-sector lender Yes Bank Ltd. is expected to name Brahm Dutt nonexecutive interim chairman following the resignation of Ashok Chawla in November, Mint reported Dec. 14, citing two sources.

The appointment of Dutt, an independent director on the bank's board, is likely to take place the week of Dec. 17 after it receives the approval of India's central bank.

The report came after Yes Bank said in a Dec. 13 release that it has finalized the recommendation for a nonexecutive part-time chairman position, for which it will seek Reserve Bank of India consent.

The lender also said that it is looking for new directors and is on track to appoint a new managing director and CEO within the timeframe set forth by the central bank. It will send its final recommendation to the RBI after Jan. 9, 2019, meeting.

In September, the central bank asked Yes Bank to restrict Managing Director and CEO Rana Kapoor's term to Jan. 31, 2019.