The former IRDAI and LIC chief, TS Vijayan, has been appointed as Additional Director (Independent) in the YES Bank’s board. The private sector lender released a statement: “The appointment of TS Vijayan as an Independent Director on the board of YES Bank, with effect from December 3, 2018, for a period of five years, would be subject to approval of shareholders at the next general meeting of the bank.”
Vijayan is also a member of the ‘Search and Selection Committee’, which is tasked to identify a suitable successor to the Managing Director and CEO for the bank. Rana Kapoor, the outgoing MD and CEO of YES Bank stated, “Vijayan’s induction on the board of directors will bring considerable expertise to the board, and board-level sub-committees.”
After the appointment of TS Vijayan, the tally of directors on the YES Bank board increased to eight, after a stream of resignations over the last few weeks, including Ashok Chawla, non-executive chairman’s signoff.
As per the reports, the private sector lender’s board is to meet next week in order to appoint the new chairman and is speculated to recommend the names of the prospective MD and CEO.
Meanwhile, in a separate announcement, the lender said it has launched an end-to-end process for corporates to accept National Automated Clearing House (NACH) debit mandates from customers through net banking.