New Delhi: Indian private sector lender Yes Bank has appointed Lt General (Retired) Mukesh Sabharwal as independent director on the board of directors of the bank with effect from April 25, 2012.
Sabharwal will replace the bank's Non Executive Part Time Chairman S L Kapur, who has demitted office, Yes Bank said in a filing to stock exchanges Monday.
Sabharwal has served Srinagar-based XV Corps, also known as Chinar Corps and was also posted at the Army headquarters in New Delhi as the additional director general military operations (ADGMO).
Gen Sabharwal, an alumni of the National Defence Academy, was commissioned into Rajput Regiment on June 13, 1971.
Notably, as the Chairman of 'Army Group Insurance Fund' and 'Ex-servicemen Contributory Health Scheme' he oversaw investments worth over Rs 200 billion. Moreover, he was responsible for directing policies for provision of housing to soldiers in his capacity as the Chairman of 'Army Welfare Housing Organisation'.
Shares of Yes Bank Monday ended at Rs 350.35 on the Bombay Stock Exchange (BSE), up 0.17% from the previous close.