The appointment of Prashant Kumar as MD and CEO will be approved by the board on October 6, 2022, with effect from October 6, 2022.
The appointment of Kumar as Managing Director Chief Executive Officer MD CEO of the Bank was recommended by the alternate Board of the private sector lender earlier in July this year.
We would like to inform that the RBI has approved the appointment of Prashant Kumar as the MD CEO of the Bank for a period of three years from today, as per its letter dated October 6, 2022. October 6, 2022, said in a regulatory filing on Thursday.
Kumar's appointment is subject to shareholder approval. Kumar was appointed as Managing Director of the Chief Executive Officer after the Reconstruction in March 2020.
Under his leadership, the bank embarked on a transformation journey to emerge as a re-energized, re-capitalized and recalibrated organization, while continuing to fulfill its unwavering commitment to its customers and stakeholders, according to the bank.
This has been one of the rare instances where an Indian banking institution has been a real turnaround from the brink of collapse within a short time frame of just one year, it said.
Prior to joining Yes Bank, Kumar was Deputy Managing Director CFO of India's largest bank, SBI, where he served in various capacities.