Chairman of Yes Bank Ltd, Ashok Chawla, who was named in a corruption chargesheet by the Central Bureau of Investigation (CBI) resigned from the lender’s board on Wednesday (14 November), reports Livemint.

The CBI had named Chawla in a chargesheet related to the Aircel-Maxis case on 19 July. After the chargesheet, It was doubtful whether Chawala could qualify the Reserve Bank of India’s “fit and proper” criteria to continue to be the Chairman.

SEBI’s stock exchanges and clearing corporations norms state that individuals convicted and those under prosecution for any offence involving immorality or an economic crime or violation of securities laws cannot lead stock exchanges.

“Ashok Chawla, Non-Executive (Independent) Chairman of the board has tendered his resignation on 14 November with immediate effect,” the bank said.

However, Chawla has cited personal reasons for his decision to resign.

“As I resign, I wish to thank everyone at Yes Bank…and wish the bank all the luck for the transition it is going through…,” read Chawla’s resignation letter, Livemint quoted anonymously a person with direct knowledge of the matter as saying.

“The bank shall in due course announce the appointment of a chairman, post-RBI’s approval,” Yes Bank said.

Chawla is also the incumbent chairman of National Stock Exchange of India Ltd (NSE) and a former finance secretary. The NSE had also received a representation seeking action against him.