Yes Bank independent director Uttam Agarwal resigns
Friday, January 10, 2020, 5:34 PM
Yes Bank's independent director Uttam Prakash Agarwal has resigned citing "serious concerns" on "deteriorating practices" and the state of affairs at the private sector lender. "I hereby tender my resignation from the office of the Independent Director of Yes Bank as also Chairman of Audit Committee and Member of all other Committees of the Board with immediate effect," he said in his resignation letter.
Slumping growth opens the door for more RBI rate cuts
Monday, December 2, 2019, 7:40 AM
India's deepening economic-slowdown is likely to throw open the door to more monetary-policy easing this week. The RBI will meet days after a report showed growth collapsed to 4.5% in the July-September quarter, first-time it's been below 5% since 2013. Led by Governor Shaktikanta Das, RBI already has cut interest rates by 135 basis-points in five moves this year, the most by any Asian-central-bank.
RBI tells YES Bank to review audit panel chief's "fit and proper" status
Monday, November 25, 2019, 8:15 PM
The RBI has asked Yes Bank to examine the "fit and proper" status of the lender's audit committee head Uttam Prakash Agarwal, according to a report in Mint. The central bank's instruction comes after it came to light that Agarwal failed to disclose criminal cases filed against him, the report said. Agarwal is also a former Chairman of Institute of Chartered Accountants of India.