With approval from the shareholders, Yes Bank has appointed an all new board of directors. The bank’s board on Saturday approved the appointment of former RBI deputy governor R. Gandhi on its board as an additional independent director for a five-year period.
According to a report carried out by The Telegraph, on the appointment of the new board, it further recommended the extension of the managing director and CEO Prashant Kumar’s tenure for three years subject to approval on the part of the shareholders and RBI.
Following the withdrawal of the additional directors by the RBI, the current board consists of six independent directors, two non-independent directors and the MD and CEO.
Yes Bank’s Q1 net profit rose 50% to Rs 311 from Rs 207 crore a year ago, but down 15% sequentially from Rs 367 crore.