YES Bank has made changes in its senior management to turn itself into what it describes as a ‘technology company in the business of banking’. The bank has brought in Raj Ahuja from Reliance Jio as its CFO. Ahuja has a rich experience in fintech, telecom and technology sectors. With this appointment the bank has realigned the job profile of the current CFO Rajat Monga, who will also head the digital banking and technology functions. Perhaps the appointment of Ahuja is in line with the RBI mandate that the CFO of a bank should also be a chartered accountant. The bank said in a statement Monga will lead the bank’s evolution into a technology company in the business of banking, re-platforming the core technology platforms and further scaling up corporate and retail banking solutions. Under the new management structure, Monga will continue to head financial markets, balance sheet management, transaction banking and liabilities product management, but will also head the digital banking and technology functions, the bank said. The chief digital officer and chief information officer; heads of transaction banking, financial markets and balance sheet management will report to Monga. Ahuja will oversee financial management and will be involved in driving the financial performance. Meanwhile, Ajay Desai, who was president and chief financial inclusion officer at the bank, has left the bank to join Rubique, an online marketplace providing technology-enabled end-to-end solutions to financing needs of individuals and SMEs. He will be the COO of the company. Desai will work closely with Manav Jeet, managing director and CEO, to ensure smooth functioning of the group’s operations, develop synergies across businesses and drive performance.
