Finance

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

Updated : May 17, 2019 10:39 AM IST

Apart from asking Kapoor to step down from the chief position, the central bank had also suggested a clawback of bonus paid to him.

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.

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.

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.

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more