New Delhi: In a rare move, Yes Bank will claw back Rs 1.44 crore bonus paid to its founder and former chief Rana Kapoor following RBI’s directions.Yes Bank, which is grappling with bad loan issues, has come under the scanner of the Reserve Bank for weak corporate governance.Kapoor is one of the founders and promoters of Yes Bank, which started operations in 2004. He still owns 4.32 percent stake in the bank (as of March 2019).It is to be noted that RBI had denied extension to Kapoor in October last year following regulatory issues. The central bank cited serious lapses in corporate governance and a poor compliance culture at Yes Bank as reasons for denial of extension to Kapoor.”Further, 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 Rana Kapoor for FY 2014-15 and FY 2015-16 net of taxes,” Yes Bank said in its annual report released on Thursday.”The amount of Bonus subjected to clawback was Rs 62,17,823 for FY 2014-15 and Rs 82,45,416 for FY 2015-16. For FY 2016-17 and FY 2017-18, the Bank has not paid any bonus to Rana Kapoor,” it said.Kapoor drew a salary of Rs 6.48 crore for the ten months he served as MD and CEO before his tenure ended in January 2019.Yes Bank hired Ravneet Singh Gill as Kapoor’s successor at an annual package of Rs 6 crore.Meanwhile, the RBI has appointed former deputy governor R Gandhi as an additional director on the board of the bank.
