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Yes Bank group president Rajat Monga quits, CEO Ravneet Gill cites health reasons


Rajat Monga, who has been with the bank since 2004, was also considered for the CEO's position. 

Yes Bank chief executive officer (CEO) Ravneet Gill on Thursday confirmed in a conference call that Rajat Monga, the private lender's group president and former chief financial officer, has decided to "move on".
Monga, who has been with the bank since 2004, was also considered for the CEO's position. The development comes two weeks after Monga sold Yes Bank shares with him on September 18 and 19, as per information available on the BSE website.
Gill cited health issues as the reason behind Monga's decision to quit. “Rajat has decided to move on. Over the last two years with all the load that he has carried, it has taken an impact on his health," said Gill.
Gill said that Monga was also offered a sabbatical, however, he decided to leave the firm as "he was at that stage of his life and his career where he needed to step back".
The Yes Bank CEO also maintained that the lender remains fundamentally strong despite the recent dumping of shares by top officials from the firm in the last two weeks.
"At the end of the day what we need to also understand is that people have financial commitments, many of them have taken leverage to be able to exercise employee stock ownership plan (ESOPs) which is as you know absolutely standard and again in some cases it was to meet personal commitments, in some cases it was to be able to deleverage which effectively resulted in some of them selling," Gill explained.
Yes Bank has seen major management exits lately including co-founder Rana Kapoor stepping down on January 31 this year, making way for Gill, after the Reserve Bank of India denied him an extension.
In November 2018, Ashok Chawla quit as the lender's chairman, followed by independent director R Chandrasekhar.
On Wednesday, Yes Bank in a filing to BSE said that its Liquidity Coverage Ratio was in excess of 125 percent as on September 30, which is well above the minimum regulatory requirement of 100 percent.
Gross Advances aggregated to approximately Rs 2.32 lakh crore as on September 30,2019 (compared to Rs 2.42 Lakh Crores as on June 30, 2019) with a higher share of Retail Advances as compared to June 30, 2019.
The reduction in Advances was effected to enhance capital efficiency, it added.
Further, Deposits aggregated to approximately Rs 2.09 lakh crore as on September 30, 2019. CASA Ratio improved to approximately 30.8 percent as compared to 30.2 percent as on June 30, 2019.
Yes Bank shares jumped as much as 25 percent in early trade on Thursday, recovering from Tuesday's losses. The stock opened at the day's low of Rs 35.20 per share, up 10 percent from its Tuesday's close and touched the day's high of Rs 39.90.
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