Private sector lender Yes Bank today said it has received RBI's approval for continuance of Rana Kapoor as MD and CEO of the bank till further notice from the central bank. In June this year, Yes Bank's shareholders had approved the re-appointment of Rana Kapoor as the chief executive and managing director for three years, subject to final approval from the Reserve Bank of India. "We wish to inform you that the Bank has received the RBI's approval that Rana Kapoor may continue as Managing Director & CEO of YES Bank till further notice from RBI," the bank said in a regulatory filing. Kapoor is the Founder, Managing Director and CEO of Yes 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). Yes Bank was incorporated in November 2003 under the Companies Act, 1956 and received the certificate of commencement of business on January 21, 2004.
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