New Delhi, Nov 15 (IANS): Yes Bank on Wednesday said that its non-executive independent part-time Chairman Ashok Chawla has resigned with immediate effect.

"Yes Bank announces that Shri Ashok Chawla, non-executive independent part-time chairman, has tendered his resignation from the Bank's Board, with immediate effect, mentioning that during the current transition period, the bank would need a Chairman who could devote more time and attention," the private lender said in a BSE filing.

"The bank shall in due course announce the appointment of a Chairman, post RBI's (Reserve Bank of India) approval."

Last month, RBI had reaffirmed that a successor to Yes Bank's MD and CEO Rana Kapoor should be appointed by February 1, 2019.

On its part, the company has constituted a "Search and Selection Committee" to evaluate both internal and external candidates and make suitable recommendations to the Board of Directors within stipulated timelines for RBI' s final approval.