YES Bank has appointed Vinay Muralidhar Tonse as its new Managing Director (MD) and Chief Executive Officer (CEO) for three years. This appointment was approved by the Reserve Bank of India. Vinay is a former managing director of State Bank of India (SBI) and will soon replace Prashant Kumar as the head starting 6 April.
The change is happening as Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is increasing its involvement and influence in the bank. Japan’s SMBC recently bought a 24.2% stake in YES Bank.
Vinay Tonse Professional Experience:
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Tonse has more than 35 years of banking experience.
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He previously worked as a managing director at State Bank of India. At SBI, he handled retail banking operations worth about ₹16 trillion (much larger than YES Bank’s loan book).
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He also worked in Singapore and Japan and was CEO of SBI Mutual Fund.
Vinay Tonse Plans for YES Bank:
Tonse said his main focus will be to:
- Grow retail and corporate banking
- Open more branches
- Improve governance, risk management, and customer service.
After the news, YES Bank shares fell slightly and closed at ₹19.34 on the NSE. YES Bank has chosen experienced banker Vinay Tonse as its new CEO to lead the bank’s next stage of growth, especially after Japan’s SMBC invested in the bank.
