Yes Bank Senior Group President Pralay Mondal Resigns, Ajai Kumar Appointed as Interim Successor

New Delhi: Close on the heels of long time MD and CEO Rana Kapoor demitting office, Yes Bank senior group president and head - retail and business banking Pralay Mondal has tendered his resignation.

"Pralay Mondal has tendered his resignation as senior group president and head - retail and business banking of Yes Bank on January 31, 2019. He will serve notice till close of business hours of March 31, 2019," Yes Bank said in a regulatory filing.

On January 31, Rana Kapoor's reign as the Managing Director and Chief Executive of Yes Bank, which was co-founded by him, ended.

Mondal, who had joined Yes Bank in 2012, was one of the two senior officials who were elevated to the post of Executive Directors in September last year.

In September 2018, to ensure a long-term succession plan, Yes Bank board decided to elevate senior group presidents Rajat Monga, who handled financial management, and Pralay Mondal, who headed the focus area of retail, as executive directors.

Yes Bank did not disclose the reason behind Mondal's resignation.

The Reserve Bank had last September asked him to leave office by January 31, following which the board unsuccessfully sought an extension till September 2019.

The mid-sized private sector lender on Thursday, appointed its non-executive director Ajai Kumar who had led state-run Syndicate Bank in the past, as his interim successor for a month till Ravneet Singh Gill from Deutsche Bank India takes over from March 1.

The aggressive and temperamental Kapoor, who has had stints with foreign lenders earlier, had launched the bank along with the late Ashok Kapur.

Kapur was killed in the 26/11 terror attack at the Trident Hotel and there was a bitter feud between Kapoor and Kapur's heirs which played out in the courts.

The two warring groups of promoters who collectively own around 20 per cent of the bank, however, reached a truce on Tuesday by agreeing to appoint one non-independent director each on the board.

Shares of Yes Bank were trading 1.24 per cent lower at Rs 191.20 apiece on BSE.