HomeFinance NewsYes Bank recalls Rs 1.44 crore bonuses paid to Rana Kapoor, says report

Yes Bank recalls Rs 1.44 crore bonuses paid to Rana Kapoor, says report

In October last year, while asking Kapoor to step down from his position, the RBI had also suggested a clawback of bonus paid to him, the report said.

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By CNBC-TV18 May 17, 2019, 10:39:41 AM IST (Published)

Yes Bank recalls Rs 1.44 crore bonuses paid to Rana Kapoor, says report
Following directions from the Reserve Bank of India (RBI), Yes Bank has clawed back performance bonuses of Rs 1.44 crore paid to it former managing director Rana Kapoor reported by Bloomberg Quint

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In October last year, while asking Kapoor to step down from his position, the RBI had also suggested a clawback of bonus paid to him, the report said.

"In accordance with the directions of RBI, the Board of Directors of the Bank had considered and approved clawback of 100 percent of performance bonus paid to Mr. Rana Kapoor for FY 2014-15 and FY 2015-16 net of taxes,” the annual report read.

While the RBI did not cite any particular reason for refusing Rana Kapoor another term in the bank, it is perceived that a divergence in bad loan reporting and a weak compliance culture at the bank would be the reason, the report said.
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