Yes Bank names Ravneet Gill of Deutsche Bank India as MD & CEO

Yes Bank on Thursday named Ravneet Singh Gill as its new managing director and CEO. In a regulatory filing, YES bank said it has received approval of the Reserve Bank of India for Gill to join on or before March 1, 2019.

“The Bank has received RBI approval for its new MD & CEO, Mr. Ravneet Singh Gill for him to join on or before March 1, 2019 (Release regarding the same will be shared subsequently),” Yes Bank said. 

The Reserve Bank has asked the private sector lender to find replacement of Kapoor, who will continue as the MD and CEO till January 31.

In the recent past, Yes Bank has seen a spate of resignations, including that of Chairman Ashok Chawla.

According to sources, Chawla resigned as controversy erupted over his continuation on the board even after his name appeared in a CBI charge sheet in the Aircel-Maxis case. 

Yes Bank Ltd, India’s fifth largest private-sector lender by assets, has had a tumultuous 2018 since the country’s central bank trimmed extension to its chief executive officer’s (CEO’s) term in September, 2018.

The move by the Reserve Bank of India (RBI), which has already clamped down on the financial sector due to rising levels of bad loans, has hit Yes Bank’s share price hard and also spurred several departures in the company’s top brass.