Yes Bank Appoints Ajai Kumar As Interim CEO

Yes Bank on Thursday named Ajai Kumar as interim chief executive, effective February 1, until Ravneet Gill takes charge.

Rana Kapoor stepped down as CEO on January 31 after the bank's founder completed his truncated term, the lender said in a statement.

Yes Bank hired Mr Gill, the head of Deutsche Bank India, as its new chief executive last week after the Reserve Bank of India (RBI) demanded that Mr Kapoor be replaced.

The RBI had denied Mr Kapoor an extension to his term twice last year without giving a reason and asked Yes Bank to find a new CEO by February 1, exemplifying an increasingly assertive approach to tackling banks' bad debts.