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. [caption id=“attachment_4179905” align=“alignleft” width=“380”] Representational image. Reuters[/caption] “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.