ANI
26 Mar 2020, 21:48 GMT+10
New Delhi [India], Mar 26 (ANI): Yes Bank board was reconstituted with immediate effect on Thursday with the appointment of eight members.
Group Company Secretary, Shivanand R Shettigar in a letter wrote, "We wish to inform you that pursuant to the 'Yes Bank Limited Reconstruction Scheme, 2020' notified by the Ministry of Finance, Government of India, the office of the Administrator of the Bank, Prashant Kumar stands vacated and the Board of Directors of the Bank has been re-constituted comprising of eight persons with effect from March 26."The eight members include--Sunil Mehta as Executive Chairman, Mahesh Krishnamurti as Non-Executive Director, Atul Bheda as Non-Executive Director, R Gandhi as Additional Director appointed by Reserve Bank of India.
Ananth Narayan Gopalakrishnan as Additional Director appointed by Reserve Bank of India, Partha Pratim Sengupta as Director nominated by State Bank of India, Swaminathan Janakiraman as Director nominated by State Bank of India and Prashant Kumar as Managing Director and CEO.
"The reconstitution of the Board of Directors as per the Scheme and appointment of the New Board has been noted in the Board Meeting held today i.e. March 26, 2020, including the appointment of the Directors nominated by State Bank of India as Nominee Directors on the Board of the Bank," he added.
On March 5, the Reserve Bank of India (RBI) had imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3 in view of its poor financial health due to bad loans.
The government notified Yes Bank Ltd Reconstruction Scheme 2020 on March 13. Key stakeholders, including the RBI, have put in place various measures to bolster the bank's liquidity.
While the moratorium was initially slated to continue till April 3, it was lifted in 13 days on March 18 as per the scheme.
The scheme involves equity infusion of Rs 10,000 crore by eight entities, mainly banks led by State Bank of India, and the reconstitution of Yes Bank's board with Prashant Kumar (former Deputy Managing Director and Chief Financial Officer of SBI) taking over as Managing Director and Chief Executive Officer. (ANI)Get a daily dose of Argentina Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Argentina Star.
More InformationMADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...