Yes Bank has formed a new board with the approval of the shareholders, effective July 15.
The new board, which was part of the bank’s reconstruction scheme, has recommended extending managing director and CEO Prashant Kumar’s tenure for three years, subject to the approval of the RBI and shareholders.The SBI, which holds a 30 per cent stake in Yes Bank, had on October 30, 2021 proposed Kumar’s name for the position. However, under the RBI’s norms, the appointment could only be done by the new board.
At the first quarter earnings call, Kumar said the bank has successfully come out of the reconstruction scheme. With the RBI withdrawing the additional directors, the current board consists of six independent directors, two non-independent directors and the MD and CEO.
The bank’s board on Saturday approved the appointment of former RBI deputy governor R. Gandhi on its board as an additional independent director for a five-year period.
Yes Bank’s Q1 net profit rose 50 per cent to Rs 311 from Rs 207 crore a year ago, but down 15 per cent sequentially from Rs 367 crore.
