Private sector lender Yes Bank on Thursday appointed Ravneet Gill as its new MD and CEO. Gill is currently CEO of Deutsche Bank India and his term at Yes Bank will start from March 1, 2019.

"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," Yes Bank said in a statement.

It further said the board will meet on January 29 to finalise the interim transition.

The bank also announced the appointment of Maheswar Sahu and Anil Jaggia as additional directors (Independent) on the board with effect from January 24, 2019 for a period of five years.

The appointment would be subject to approval of shareholders at the next annual general meeting of the bank.

Also Read: Yes Bank shares jump 11% on Ravneet Gill's announcement as new CEO & MD

The bank also reported a net profit of Rs 1,001 crore for the third quarter ended December 2018.

The private lender, which has time till February 1 to choose a managing director and CEO for the bank, sent its recommendations to RBI after its board meeting on January 9.

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.

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.

Yes Bank, along with its larger rival Axis Bank, were found to have under-reported its stock of non- performing assets by a cumulative Rs 10,000 crore each for two consecutive fiscals.

The RBI drove a management change at Axis Bank as well and Shikha Sharma had left the bank by the end of last month. After the RBI cut-short his term, the Yes Bank board made second request to the RBI to extend his term to March 2020. But that was also rejected by the monetary authority leading the appointment of a search panel.

Following the RBI refusal to extend Kapoor's term, the bank had appointed a committee under former Irdai chairman TS Vijayan to look for a successor to Kapoor.

Even the search panel had some resignations including former bureaucrat and the bank's non-executive chairman Ashok Chawla leaving the post in a hurry after being named in graft case by the CBI. Former SBI chairman OP Bhatt had also left the search panel mid-way.

With inputs from PTI.

First Published:Jan 24, 2019 3:09 PM IST