January 10, 2020 / 9:37 AM / 13 days ago

Yes Bank board member quits citing corporate governance concerns

MUMBAI, Jan 10 (Reuters) - Uttam Prakash Agarwal, an independent board member with Yes Bank Ltd, resigned from the lender’s board and stepped down as head of its audit committee on Friday, citing major corporate governance concerns at the troubled lender.

Agarwal, in a resignation letter seen by Reuters, said there are “serious concerns” around deteriorating corporate governance standards, along with compliance failures at the bank.

Agarwal was appointed to the board in November 2018 by the lender’s former managing director Rana Kapoor.

Reporting by Nupur Anand, Editing by Raju Gopalakrishnan

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