Yes Bank appoints ex-Irdai chief T S Vijayan as additional director

Mumbai: Yes Bank Monday announced appointment of T S Vijayan, former Irdai chairman, as an additional director for five years with immediate effect.

The Bank said the appointment of Vijayan will be subject to approval of shareholders at the next general meeting of the bank.

The private sector lender is grappling with governance as well as non-performing asset issues and has seen resignations of three independent directors, including Chairman Ashok Chawla, in the recent past.

Vijayan was chairman of the Insurance Regulatory and Development Authority of India (Irdai). He has also held senior positions in various capacities at the Life Insurance Corporation of India and became its chairman in 2006.

The Bank added that Vijayan has been a key member of the ‘Search & Selection Committee’ (‘S&SC’) set up to identify a suitable successor for the new MD & CEO position.

Rana Kapoor, MD & CEO, Yes Bank , said, “His induction on the Board of Directors will bring considerable expertise to the Board, and Board Level Sub-Committees.”

Notably, in October, the Yes Bank board had sought at least a three-month extension for Kapoor from the RBI beyond January 31, 2019. But RBI refused to give an extension to Rana Kapoor and asked the bank to appoint a new chief by February 1, 2019.