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RBI appoints former deputy governor R Gandhi as additional director on Yes Bank board for two years

New Delhi: Yes Bank said on Wednesday the Reserve Bank of India (RBI) has appointed former central bank's deputy governor R Gandhi as additional director on its board for two years.

 RBI appoints former deputy governor R Gandhi as additional director on Yes Bank board for two years

Representational image. Reuters

"The Reserve Bank of India vide its letter dated 14 May, 2019, informed that in exercise of powers conferred under ... the Banking Regulation Act, 1949, appointed R Gandhi, ex-deputy governor, Reserve Bank of India as additional director on the board of the bank for a period of two years with effect from 14 May, 2019 to 13 May, 2021 or till further orders, whichever is earlier," Yes Bank said in a regulatory filing.

The private lender said its board "heartily" welcome the appointment of Gandhi given his impeccable background and track record as a highly respected regulator in India.

"This appointment will significantly strengthen Yes Bank's board composition and the bank will immensely benefit from R Gandhi's experience and wisdom at the Yes Bank," the filing said.

Shares of Yes Bank tanked 8.01 percent to close at Rs 143.65 on BSE.

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Updated Date: May 15, 2019 19:23:54 IST