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RBI Appoints R Gandhi And Ananth Narayan As Additional Directors On Yes Bank Board

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RBI Appoints R Gandhi And Ananth Narayan As Additional Directors On Yes Bank Board
Rajat Mishra - 20 March 2020

New Delhi: The Reserve Bank of India (RBI) on Friday appointed former deputy governor of the RBI R Gandhi and Ananth Narayan, an associate professor at SP Jain Institute of Management and Research as two additional directors on the board of Yes Bank.

Ananth Narayan is an international banking and financial expert. He has worked as Standard Chartered Bank’s regional head of financial markets for ASEAN and South Asia. Before his stint with Standard Chartered Bank, he has worked with many renowned banks such as CitiBank and Deutsche Bank.

R Gandhi is a former Deputy Governor of RBI and was appointed to the post in

April 2014.The appointment is effective from March 26 for a period of two years, RBI said in a statement. The announcement comes a day after the bank resumed its operations from March 18.

The new RBI constituted board will take over on March 26.

On March 5, 2020, the RBI under the powers envisaged under section 36ACA of the Banking Regulation Act, 1949, superseded the board of directors of Yes bank and also put the bank under moratorium of 30 days and imposed a withdrawal cap of Rs 50,000 irrespective of the number of accounts people have.

As per the reconstruction scheme approved by the government, the Board of Directors will be reconstituted within 7 days from cessation of the moratorium.

The Board of Directors will have Prashant Kumar as CEO and MD of Yes Bank, Sunil Mehta as non-executive chairman, Mahesh Krishnamurthy as non- executive director and Atul Bheda as non-executive director.

In addition to this, the State Bank of India would appoint 2 officers as Directors in the bank. The RBI may also appoint one or more directors in the bank's board.

India’s largest lender State Bank of India, the single largest shareholder in Yes Bank, with almost 49 per cent stake, will have two board members.

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