R. Gandhi on board of Yes Bank

Reported by: |Updated: May 15, 2019

The Reserve Bank of India has appointed former deputy governor Rama Subramaniam Gandhi as an additional director on the board of Yes Bank. He will have a tenure of 2 years, starting from 14 May 2019. Under sub-section (1) of Section 36 AB of the Banking Regulation Act, 1949, RBI can appoint additional directors if it is of the opinion that in the interest of banking policy or in the public interest or in the interests of the banking company or its depositors it is necessary so to do, it may, from time to time by order in writing, appoint, with effect from such date as may be specified in the order, one or more persons to hold office as additional directors of the banking company. Gandhi’s appointment comes against the backdrop of Yes Bank reporting a loss of Rs 1507 crore for the March quarter.