RBI Greenlights Vinay Tonse as Yes Bank CEO as SMBC-Backed Lender Moves to End Succession Uncertainty
Yes Bank, backed by SMBC, announced that the Reserve Bank of India has given the nod to Vinay Muralidhar Tonse as managing director and CEO for a three-year stint, paving the way for a leadership change in early April. Tonse, who led retail operations at State Bank of India until November 30, will take over from Prashant Kumar, who stepped in following the bank’s 2020 bailout. Last year, Japan’s Sumitomo Mitsui Banking Corp acquired a 24% stake in the lender.