The appointment of Prashant Kumar as MD and CEO of Yes Bank is approved for three years effective from 6 October 2022. The said appointment is subject to shareholders’ essence
The Reserve Bank of India (RBI) approved the appointment of Prashant Kumar as MD and CEO of Yes Bank for a tenure of three years effective from 6 October 2022.
In early July, a recommendation from the alternate Board of the private sector lender was given to the RBI for approval. The said appointment of Kumar as Managing Director & Chief Executive Officer (MD &CEO) of the Bank was proposed for a period of three years.
Yes Bank during regulatory filing 6 October said, “We would like to inform that RBI vide its letter dated October 6, 2022, has approved the appointment of Prashant Kumar as the MD & CEO of the Bank for a period of three years with effect from 6 October 2022.”
The said appointment is subject to shareholders’ essence. Back in March 2022, Kumar was appointed as Managing Director & Chief Executive Officer of Yes Bank after the Reconstruction.
Under his tenure, the bank evolved and emerged as a re-energized, re-capitalized and recalibrated organization by continuing to fulfil its constant commitment towards its customers and stakeholders, said the bank.
“This has been one of the rare instances, where an Indian banking institution has been a real turnaround from the brink of collapse within an extremely short time frame of just one year,” it said further.
Before joining Yes Bank, Kumar was Deputy Managing Director and Chief Financial Officer of India’s largest bank SBI. He served there in various capacities and performed various functions.