RBI appoints R Gandhi, Ananth Narayan as additional directors on Yes Bank board

By: |
March 20, 2020 6:29 PM

The appointment, effective March 26, will be for two years, the Reserve Bank said in a statement which comes a day after the private sector bank resumed full operations.

RBI, R Gandhi, Ananth Narayan, Yes Bank board, SBI, Prashant Kumar, latest news on RBIUnder the reconstruction scheme, which came into effect from March 14, RBI can appoint one or more persons as additional directors on the board of Yes Bank.

The RBI on Friday appointed two additional directors on the board of Yes Bank — former deputy governor of the central bank R Gandhi and Ananth Narayan, an associate professor at SP Jain Institute of Management and Research.

The appointment, effective March 26, will be for two years, the Reserve Bank said in a statement which comes a day after the private sector bank resumed full operations. March 26 is the day when the new management will take over after the administrator’s term ends.

Under the reconstruction scheme, which came into effect from March 14, RBI can appoint one or more persons as additional directors on the board of Yes Bank. On March 5, the RBI had superseded the board of Yes Bank and appointed Prashant Kumar, ex-DMD and CFO of SBI, as the administrator. The RBI-imposed moratorium was lifted on March 18.

Kumar will take over as the CEO and managing director of the bank from March 26, seven days from the cessation of moratorium. The new board will be led by Sunil Mehta as the non-executive chairman and Mahesh Krishnamurthy and Atul Bheda as non-executive directors.

SBI, being the single largest shareholder with almost 43 per cent stake, will have two board members — deputy managing directors Partha Sengupta, who is also the chief credit officer at SBI, and G Swaminathan.

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