The Reserve Bank of India (RBI) has approved the appointment of Prashant Kumar as the MD and CEO of Yes Bank for three years. The appointment has become effective from Thursday (October 6). Kumar’s appointment is subject to the approval of shareholders.
“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 effective from today i.e. October 6, 2022,” Yes Bank said in a regulatory filing on Thursday. Kumar was appointed as the managing director & chief executive officer of Yes Bank after the reconstruction in March 2020.
In the filing, Yes Bank said Prashant Kumar is not related to any other directors or key managerial personnel of the bank and he is not debarred from holding the office of a director, by virtue of any Sebi order or any other such authority/regulator.
About Prashant Kumar
Prashant Kumar was appointed as YES Bank’s managing director & chief executive officer (MD & CEO) post the reconstruction in March 2020.
Before joining Yes Bank, Kumar was deputy managing director & CFO of SBI, India’s largest Bank. He served the bank in various capacities and has a rich experience in diverse fields ranging from credit to human resources.
He joined the bank as probationary officer in 1983 and during his 34 years of service with the bank, he has held various key assignments including deputy managing director (HR) & corporate development officer, deputy managing director & chief operating officer, chief general manager (Kolkata Circle), general manager (local head office-Mumbai), DGM (industrial relations) and faculty in the bank’s Apex Training Institute – State Bank Academy, Gurugram.
He holds degree in science and law from Delhi University.
“Under his leadership, the bank embarked on transformation journey to emerge as a re-energised, re-capitalised and recalibrated organisation, while continuing to fulfill its unwavering commitment towards its customers and stakeholders,” Yes Bank said.
It added that 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.
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