Following the joining of Ravneet Gill as new Managing Director and CEO of YES Bank, the shares of the bank have surged by 3 per cent on Friday. Reserve Bank of India (RBI) has approved tenure of the new MD and CEO of YES Bank that is, March 1, 2019, to February 28, 2022, as reported by the Indian daily news, The Economic Times.
The final approval of Ravneet Gills appointment will be subject to the shareholders in the upcoming annual meet of the bank. The annual general meeting will take place in June 2019.
Shriram Subramaniam, Founder of InGovern Research Services, said Investors hope that Gill, working with the board, will change the culture at Yes Bank and make it a transparent bank. as reported by the Indian daily news, The Economic Times.
Subramaniam further added, Governance concerns at Yes Bank and the overhang of Rana Kapoor on the credibility of the bank would hopefully be laid to rest. as reported by the Indian daily news, The Economic Times.
The scrip reached at INR 237.40, upward by 2.68 per cent at 1ish and BSE sense surge by 0.34 per cent at INR 35,988.96.