Yes Bank gains 2% as Ravneet Gill takes charge as MD & CEO

Yes Bank shares gained more than 2 percent in morning on Friday after Ravneet Gill has taken a charge as Managing Director and CEO of the bank.

His tenure as approved by RBI is 3 years from the date of his joining, i.e. March 1, 2019 to February 28, 2022.

"The appointment of Gill will be subject to approval of shareholders' at the ensuing Annual General Meeting of the Bank to be held in the month of June 2019 on the terms and conditions including remuneration as approved by the Reserve Bank of India, the private sector lender said.

The bank further said Gill is not related to any of the Directors of the Bank and he has affirmed that he is not debarred from holding office of Director by virtue of any order of Securities and Exchange Board of India or any other such authority.

Hence, Ajai Kumar ceased to be an interim MD & CEO of the bank. He continues as a Non-Executive Non Independent Director on the board of the bank.

At 10:45 hours IST, the stock was quoting at Rs 236.00, up Rs 4.80, or 2.08 percent on the BSE. First Published on Mar 1, 2019 10:55 am