Yes Bank chairman Ashok Chawla resigns

The bank will name a new chairman near-term, subject to an approval from the Reserve Bank of India.

Update: 2018-11-15 04:47 GMT

Last week, Icra downgraded the long-term ratings of Yes Bank.

Yes Bank said on Wednesday its non-executive independent chairman, Ashok Chawla, was resigning from the bank’s board, effective immediately.

The bank will name a new chairman near-term, subject to an approval from the Reserve Bank of India (RBI), the bank said in a statement.

The RBI said last month that the retail bank should appoint a successor to Chief Executive Officer Rana Kapoor by Feb 1, 2019, after uncertainty around his succession plans.