Incompetent employees in YES Bank’s upper management should be removed: Ex-director Agarwal

Uttam Prakash Agarwal pointed out that the management team used to prepare all the information.

New Delhi: YES Bank’s ex-director Uttam Prakash Agarwal, on Thursday, said that the bank was driven totally by the management, and not by the directors. “All decisions used to be taken by the managing director of the bank in consultation with the chairman,” he added. 

In an exclusive interview with Zee Business, Agarwal also pointed out that the management team used to prepare all the information. Agarwal, who had stepped down from the board of YES Bank, said that all his concerns, which are shared with the Reserve Bank of India’s governor, SEBI, and respective ministries, are out in the public domain. 

Most of his concerns were related to the corporate governance of the bank. However, he said that he doesn’t know what developments and steps have been taken into consideration with the concerns he had shared earlier. 

डेढ़ साल में यस बैंक का बोर्ड तो बदला पर बैंक के बाकी कर्ताधर्ता कब बदलेंगे?
कंप्लायंस में फेल्योर, AT1 बॉन्ड की मिस सेलिंग के आरोपी, नियम को ताक पर रखने
वाले कब बदलेंगे? यस बैंक के पूर्व डायरेक्टर उत्तम प्रकाश अग्रवाल से खास बातचीत।@BrajeshKMZee @cauttamprakash2 pic.twitter.com/SB70wCJmqz — Zee Business (@ZeeBusiness) September 23, 2021

On the question of whether there should be strict action on the senior management team responsible for the downfall of YES Bank, Agarwal said that there are several members who were working with the old management and are working with the new management as well. 

“Company Secretary, legal team, risk head, and several others in upper management roles were incompetent and should be removed. I myself pointed out several flaws in the working of Sanjay Nambiar, Group President and General Counsel, YES Bank,” he added. 

However, he said that to remain in the good books of the management, Nambiar had plotted against him, adding that he always thought of the benefit of shareholders. Also Read: Post Office Recurring Deposit Account: Invest Rs 10,000 per month to get Rs 16 lakh on maturity

How’s SBI’s revival of YES Bank going? 

Agarwal said that since SBI came forward to rescue debt-laden YES Bank, the situation has improved at the private lender. “Public confidence is rebuilding and the bank is now re-launching products that were with the bank earlier,” he added. Also Read: Market at fresh peak: Sensex skyrockets 958 pts, Nifty tops 17,800