The Reserve Bank of India has approved the reappointment of Prashant Kumar as the MD and CEO of YES Bank for another three years, with effect from Thursday.
The appointment will be subject to the approval of shareholders of the private sector lender. The alternate Board of the bank, in its meeting on July 15, had recommended Kumar’s reappointment.
Kumar was appointed as the head of the bank after YES Bank was bailed out by a consortium of lenders and put under the YES Bank Reconstruction Scheme in March 2020. Prior to joining YES Bank, Kumar was Deputy MD and CFO of State Bank of India.
Under his leadership, YES Bank has managed to secure capital infusion of ₹8,900 crore by US-based private equity investors Carlyle and Advent International. It has also sold signed a pact to sell stressed loans of ₹48,000 crore to JC Flowers Asset Reconstruction Company.
“This has been one of the rare instances, where an Indian banking institution has been a real turnaround from the brink of collapse within an extremely short time frame of just one year,” the bank said in a notification to the exchanges.