Key Highlights
- RBI approves six‑month extension for Yes Bank MD & CEO Prashant Kumar from October 6, 2025.
- Extension provides leadership continuity amid new SMBC stake-buy and ongoing strategic transition at Yes Bank.
Yes Bank has informed the exchanges that Prashant Kumar, the lender's managing director and CEO, has received a six-month extension from the Reserve Bank of India, effective October 6.
The private-sector bank did not specify how many years of extension it had sought from the regulator. The RBI approved a six-month extension of Prashant Kumar's tenure as MD and CEO, effective October 6, 2025, or until a new MD and CEO/successor takes charge, whichever comes first," according to an exchange notification.
Kumar was initially appointed administrator when Yes Bank was reconstructed by the RBI and the government with the assistance of a consortium of banks, including State Bank of India. He was later appointed MD and CEO. Kumar served as SBI's deputy managing director and chief financial officer.
In October 2022, Kumar was given a three-year extension to continue as CEO of Yes Bank until October 2025.
Also Read: Yes Bank CEO Says Japan's SMBC Expected to Retain Minimum 20% Stake
For more than Rs 13,000 crore, Sumitomo Mitsui Banking Corp is purchasing a 20% share in Yes Bank from SBI and other lenders participating in the lender's reconstruction. The board of Yes Bank is reportedly considering hiring a new MD and CEO as part of the agreement, and they have engaged a headhunting firm to assist in the search.
Yes Bank is the second private-sector lender looking for a new CEO. Due to the departure of Sumant Kathpalia, IndusInd Bank is currently in the process of selecting a new MD and CEO.
Just before 12.30 p.m., Yes Bank's share price on the BSE was down 0.26 percent from the previous day's close of Rs 20.16.
