Mumbai– Yes Bank on Tuesday said it has set up a committee to select a new MD and CEO, but added that it would seek more time for Rana Kapoor in the post, at least till April 30, 2019.

The bank’s board in its meeting on Tuesday also decided to recommend to the Reserve Bank of India (RBI), names of Rajat Monga and Pralay Mondal as Executive Directors. They are currently Senior Group Presidents.

“The Board decided that given the role of Rana Kapoor as MD and CEO since inception of the bank in 2004 and the time consuming challenges of finding a suitable successor, the incumbent MD and CEO be given further time in his position beyond January 31, 2019,” Yes Bank said in a regulatory filing.

“It was decided that the Reserve of India be requested for an extension up to minimum April 30, 2019, for finalisation of audited financial statements for fiscal year ending 2019; thereafter subject to RBI approval, up to September 30, 2019 in order for the statutory AGM (Annual General Meeting) process to be completed,” it added.

The private lender said it has established a “Search and Selection Committee” comprising three existing Nomination and Remuneration Committee Board Members and two “external experts” to identify Kapoor’s successor.

The RBI last week rejected the bank’s request to extend Rana Kapoor’s tenure for three years and said he could continue until January 31, 2019.

In June, the bank’s shareholders had approved extension of Kapoor’s tenure for three years starting September 2018, subject to final approval from the RBI. (IANS)