Prashant Kumar, former CFO and deputy MD of State Bank of India, is the new MD and CEO of Yes Bank. The bank said it has reconstituted its board of directors with former MD and CEO of Punjab National Bank Sunil Mehta as the non-executive chairman. The troubled bank has seen investment by private banks reach around ₹3950 crore. Among the private players, ICICI Bank and HDFC have committed ₹1000 crore each, Axis Bank and Kotak Mahindra Bank ₹600 crore and ₹500 crore respectively and Federal Bank and Bandhan Bank ₹300 crore each. Besides, IDFC First Bank has been issued equity shares worth ₹250 crore. In the new ownership structure of the bank, State Bank of India will hold 49% stake for a value of ₹6050 crore. Meanwhile, the Reserve Bank of India has appointed R. Gandhi and Ananth Narayan Gopalakrishnan as additional directors to the board of the bank. This will be R Gandhi’s second stint as an additional director on the YES Bank board. A former deputy governor of RBI, he was previously appointed to the board by the RBI in May 2019 for a period of two years. Ananth Narayan Gopalakrishnan, an associate professor at SP Jain Institute of Management and Research is an international banking and financial markets expert. The other members of the board include Mahesh Krishnamurthy and Atul Bheda as non-executive directors. State Bank of India has nominated Partha Pratim Sengupta and Swaminathan Janakiraman to the board.
