Yes Bank Recommends to Form an Alternate Board

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Yes Bank Recommends to Form an Alternate Board
10 Jun 2022
min read

News Synopsis

The Board of YES Bank has recommended the formation of an alternate Board on the back of the private sector bank attaining a turnaround and achieving significant progress post the implementation of the Reconstruction Scheme in March 2020.

Following the advice via way of means of its biggest shareholder State Bank of India (SBI), the Board proposed the composition of an alternate board. The names of administrators proposed are Atul Malik, Rekha Murthy Sharad Sharma, Nandita Gurjar, Sanjay Kumar Khemani, Sadashiv Srinivas Rao, T Keshav Kumar, Sandeep Tewari and Prashant Kumar, existing managing director and chief executive (MD & CEO).

In March 2020, the Reserve Bank of India and the authorities had framed a restructuring scheme to salvage the afflicted personal area financial institution which becomes as soon as promoted and runs through Rana Kapoor. Commercial Banks led through State Bank of India had infused Rs 10,000 crore below restructuring scheme.

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