RBI appoints two additional directors to Yes Bank board

The Reserve Bank of India on Friday (March 20) announced the appointment of R Gandhi, former RBI Deputy Governor, and Ananth Narayan Gopalakrishnan, Associate Professor at SP Jain Institute of Management and Research, as additional directors to the board of Yes Bank.

RBI appoints two additional directors to Yes Bank board
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New Delhi: The Reserve Bank of India on Friday (March 20) announced the appointment of R Gandhi, former RBI Deputy Governor, and Ananth Narayan Gopalakrishnan, Associate Professor at SP Jain Institute of Management and Research, as additional directors to the board of Yes Bank.

In a press statement issued by the Chief General Manager of RBI Yogesh Dayal, it stated the appointment of the R Gandhi and Ananth Narayan Gopalakrishnan as additional directors for a period of two years.

The statement said: "In terms of paragraph 5 (3) of the ‘Yes Bank Ltd. Reconstruction Scheme, 2020’ notified by Government of India on March 13, 2020 and in exercise of powers conferred to it under sub section (1) of section 36 AB of the Banking Regulation Act, 1949, Reserve Bank has today appointed Shri R Gandhi (former Deputy Governor, Reserve Bank of India) and Shri Ananth Narayan Gopalakrishnan (Associate Professor, S P Jain Institute of Management and Research) as additional directors on the board of Yes Bank Limited, w.e.f. March 26, 2020 for a period of two years."

The reconstruction scheme for debt-ridden Yes Bank took effect on March 14 and the moratorium was lifted on March 18.

Earlier this month, Prashant Kumar was appointed as the CEO and MD of the reconstructed bank. Kumar, who was earlier the CFO and Deputy MD at State Bank of India (SBI), was appointed as administrator to the troubled lender by RBI. While, former non-executive chairman of Punjab National Bank Sunil Mehta was appointed Non-Executive Chairman of Yes Bank, both Mahesh Krishnamurthy and Atul Bheda were appointed as Non-Executive Directors to its board.