The Reserve Bank of India has approved the appointment of Prashant Kumar as MD and CEO of Yes Bank for three years with effect from October 6, 2022.
Earlier in July this year, the substitute board of the private sector lender had recommended the Reserve Bank of India to approve the appointment of Kumar as the managing director and chief executive officer (MD & CEO) of the bank for a period of three years.
“We would like to inform you that RBI vide its letter dated October 6,
2022, has approved the appointment of Prashant Kumar as the Managing Director and CEO of the Bank for a period of three years with effect from today i.e. October 6, 2022,” Yes Bank said. in a regulatory filing on Thursday.
Kumar’s appointment is subject to shareholder approval. Kumar was appointed as the Managing Director and CEO of Yes Bank after the restructuring in March 2020.
Under his leadership, the bank embarked on a journey of transformation to become a recharged, recapitalized, and recalibrated organization while continuing to deliver on its unwavering commitment to its customers and shareholders, the bank said.
“This was one of the few cases where an Indian banking institution managed to make a real turnaround from the brink of collapse in an extremely short time frame of just one year,” he added.