The Reserve Bank of IndiaBank of India RBI has approved the appointment of Prashant Kumar as Chief Executive Officer and Managing Director of the bank for three years. His appointment will take effect on October 6, according to the latest exchange filing.
The filing said that RBI has approved the appointment of Mr Prashant Kumar as chairman and chief executive of the Bank under Section 35 B of the Banking Regulation Act, 1949, for a period of three years. The shareholders' approval of October 06, 2022 is subject to the approval of the shareholders. Kumar is not linked to any other director or important management personnel in the bank and is not barred from holding the office of a director by the SEBI or any other regulatory body, according to the filing. After its reconstruction in March 2020, Kumar was appointed CEO and MD of the bank.
A forensic investigation was conducted into some of the bank's top accounts after Kumar was appointed CEO and MD. The accounts included Cox Kings, ADAG Group, Essar Group and Essel Group.
The bank gave large loans that it didn't recover, so the RBI put YES Bank under a moratorium. The central bank said that YES Bank would not grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment, whether in discharge of its obligations or otherwise enter into any compromise or agreement, or transfer or otherwise dispose of any of its properties or assets. Before his YES Bank stint, Kumar was Deputy Manager and CFO at State Bank of IndiaBank of India SBI, which he joined as a probationary officer in 1983. Kumar has a degree in science and law from Delhi University.