RBI Approves Six-Month Extension For YES Bank CEO Prashant Kumar

The Reserve Bank of India has approved the extension of Prashant Kumar's tenure as Managing Director and Chief Executive Officer of YES Bank Ltd. for another six months, starting from October 6, or until a new MD and CEO takes charge, the bank said in an exchange filing on Thursday.

In May, YES Bank had announced that Japan’s Sumitomo Mitsui Banking Corp. would acquire a 20% stake in the bank from existing shareholders, including State Bank of India and several other Indian lenders involved in YES Bank’s 2020 reconstruction scheme, for around ₹134.8 billion.