BANK DICTATION

The Reserve Bank of India (RBI) has approved the appointment of Ravneet Gill as the MD & CEO of private sector lender Yes Bank. Mr. Gill must join the bank before March 1, the central bank has said.Mr. Gill is currently the India chief of foreign lender Deutsche Bank.

The present MD & CEO of Yes Bank Rana Kapoor’s term ends on January 31. Typically, executives of Deutsche Bank have to serve three months’ notice period or gardening leave if joining competitor banks. However, such requirements can be waived. Yes Bank has called a board meeting on January 29 to finalise the interim transition.

“The Board of Directors of Yes Bank have scheduled a special board meeting to be held on Tuesday, January 29, 2019, and will inter alia finalise on the delegation of powers for transition management in the interim period commencing from February 1, 2019 until Ravneet Gill assumes office,” the lender said in a statement. The bank also said Mr. Gill was the “number one 1 priority candidate” in the its submissions made by Yes Bank to the RBI on January 10, 2019.

Mr. Gill, 56, joined Deutsche Bank in 1991 and became its India CEO in July 2012. He has held several portfolios including wealth management, corporate finance, global markets and corporate banking. A cricket enthusiast, who has many friends who played for the country, Mr. Gill, was most recently re-appointed as the MD & CEO of Deutsche Bank, India, for the third term.

The board of Yes Bank has also appointed Maheswar Sahu and Anil Jaggia as independent directors for a period of five years.

The board of the bank has also named Ashish Agarwal, senior group president and chief risk officer, as executive director. The appointment is subject to RBI’s approval.“The Board of Directors of Yes Bank have scheduled a special board meeting to be held on Tuesday, January 29, 2019, and will inter alia finalize on the delegation of powers for transition management in the interim period commencing from February 1, 2019 until Ravneet Gill assumes office,” the lender said in a statement.

The bank also said Mr. Gill was the “number one 1 priority candidate” in the its submissions made by Yes Bank to the RBI on January 10, 2019.

Mr. Gill, 56, joined Deutsche Bank in 1991 and became its India CEO in July 2012. He has held several portfolios including wealth management, corporate finance, global markets and corporate banking.                                                                400 words