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RBI appoints former dy-guv Gandhi on Yes Bank board

PTI

New Delhi: Yes Bank said on Wednesday the Reserve Bank has appointed former RBI deputy governor R Gandhi as an additional director on its board for two years.

“The Reserve Bank of India vide its letter dated May 14, 2019, informed that in exercise of powers conferred under … the Banking Regulation Act, 1949, appointed R Gandhi, Ex Deputy Governor, Reserve Bank of India as additional director on the board of the bank for a period of two years with effect from May 14, 2019 to May 13, 2021 or till further orders, whichever is earlier,” Yes Bank said in a regulatory filing.

The private lender said its board “heartily” welcome the appointment of Gandhi given his impeccable background and track record as a highly respected Regulator in India.

“This appointment will significantly strengthen YES Bank’s Board Composition and the bank will immensely benefit from R. Gandhi’s experience and wisdom at the YES Bank,” the filing said.

Shares of Yes Bank tanked 8.01 per cent to close at Rs 143.65 on BSE.