MUMBAI: The Reserve Bank of India (RBI) has appointed former deputy governor Rama Subramaniam Gandhi as an additional director on the board of Yes Bank for two years, from 14 May 2019 to 13 May 2021, the bank said on Tuesday in a notice to the stock exchanges. Gandhi’s appointment comes against the backdrop of Yes Bank reporting a loss of ₹1,507 crore for the March quarter, driven by a 9-fold increase in provisions. Rating agencies Icra and India Ratings have both downgraded the long-term ratings of the bank. RBI’s decision to appoint Gandhi to the board of Yes Bank is seen as a precautionary measure, given the governance issues under the previous managing director and CEO Rana Kapoor. The new chief executive officer (CEO), Ravneet Gill, has promised to clean up the bank’s balance sheet and improve governance practices of the bank.

Source: Mint May 14, 2019 17:48 UTC