Monday, November 28, 2022
HomeFinanceYes Bank to seek another term for CEO, rejig board

Yes Bank to seek another term for CEO, rejig board

() controlled will seek shareholder approval for another three year term for CEO Prashant Kumar and reconstitute the board with the addition of five new members, the bank said in a statement.

Three board members, including chairman and former AIG executive Sunil Mehta will leave the bank according to the bank’s statement. Mahesh Krishnamurti, former India MD of consultancy firm RGP and chartered accountant Atul Bheda will also leave the bank’s board. All three were appointed by a government notification under a special scheme of restructuring after the bank nearly collapsed due to the failure to raise capital in March 2020.

Former SBI deputy managing director T Keshav Kumar is one of five people to be nominated to the board. Others include former

HR head Nandita Gurjar, chartered accountant Sanjay Kumar Khemani, NIIF CEO Sadashiv Rao and former SBI executive Sandeep Tewari. All new board members have to be ratified by the bank’s shareholders in the annual general meeting on July 15.

The term of two additional directors appointed by the RBI, namely former RBI deputy governor R. Gandhi and former Standard Chartered executive Ananth Narayan Gopalakrishnan is valid upto March 23, 2023 or till further orders, whichever is earlier.

The bank said it had made its first full year of profit in fiscal ended March 2022 after two successive years of losses and now remains on course to achieve its growth and profitability objectives. Its deposits have increased to Rs 1.97 lakh crore in March 2022 from Rs 1.05 lakh crore in March 2020. Credit deposit ratio has improved to 92% from 163% and liquidity coverage ratio is up to 128% from 37% in the last two years. “The focus has moved from consolidation of the balance-sheet to growth. In FY22, loan book grew by 9% with gross disbursements of Rs 70,000 crores across all segments,” the bank said.

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