In his first comments after the Reserve Bank of India (RBI) cut short his term, Yes Bank managing director and chief executive officer, Rana Kapoor, said he will not sell his shares, adding that in the leadership transition, he continued to remain committed to the interests of the bank and all its stakeholders.

In this leadership transition at @YESBANK, I continue to remain fully committed to the interests of the Bank and all its stakeholders. I will be fully guided by the Board of Directors of YES BANK and the Reserve Bank of India

— Rana Kapoor (@RanaKapoor_) September 28, 2018

Kapoor, who has been MD and CEO since the bank's inception in 2004, said he will pass on Yes Bank's promoter shares to his three daughters and subsequently to their children.

I will eventually bequeath my @YESBANK Promoter shares to my 3 daughters and subsequently to their children, with a request in my Will stating not to sell a single share, as Diamonds are Forever!!

— Rana Kapoor (@RanaKapoor_) September 28, 2018

On September 17, RBI curtailed the term of Kapoor and asked the private sector lender to look for his replacement by January 2019, "Reserve Bank of India has vide letter dated September 17, 2018 received today, intimated that Shri Rana Kapoor may continue as the MD & CEO till 31 January 2019, and the Board of Directors of the Bank are scheduled to meet on September 25, 2018 to decide on the future course of action."

Kapoor tweeted, "Diamonds are Forever: My Promoter shares of @YESBANK are invaluable to me"

Diamonds are Forever: My Promoter shares of @YESBANK are invaluable to me

— Rana Kapoor (@RanaKapoor_) September 28, 2018

Shares of the Yes Bank closed at Rs 183.90, down 9.50 per cent on the BSE.

Despite positive opening, the stock failed to hold on to the gains and later cracked 9.22 percent to Rs 184.45 - its 52-week low - on BSE.

In June this year, Yes Bank's shareholders had approved the re-appointment of Kapoor for three years, subject to final approval from the RBI.

His present term ended on August 31. However, the RBI had allowed him to continue till further notice.

RBI approved the reappointment of Kapoor as MD and CEO of Yes Bank on August 30, 2018 but did not specify the period.

Kapoor was part of the founding team of Yes Bank, along with Ashok Kapur who died in 2008. As a promoter, Kapoor and his family own 10.66 percent stake in the bank.

Prior to establishing Yes Bank, Kapoor was CEO and Managing Director, and main Managing Partner of Rabo India Finance (RIF) (a corporate finance and investment banking organisation).

First Published:Sept 28, 2018 3:43 PM IST