Mumbai, Feb 4, 2026, 14:46 IST
- The RBI has approved Vinay Muralidhar Tonse as Yes Bank’s managing director and CEO, with a three-year term.
- Tonse will take over from Prashant Kumar once his extended term wraps up in early April
- The bank noted the appointment requires shareholder approval.
Yes Bank announced in a stock exchange filing that India’s central bank has given the green light to Vinay Muralidhar Tonse as its new managing director and CEO. He will serve a three-year term.
The move comes as Yes Bank works to regain stability following a turbulent stretch that led to a lender-led bailout in 2020 and a shift in its shareholder lineup last year. In 2025, Japan’s Sumitomo Mitsui Banking Corporation acquired a 24% stake in the Mumbai-based lender.
Tonse is set to take over from Prashant Kumar, whose extended term wraps up on April 6. The RBI gave its nod in a letter dated Feb. 3, but Tonse’s appointment still requires shareholder approval, according to the filing.
Tonse led retail operations at State Bank of India until Nov. 30, according to the filing. Yes Bank confirmed his three-year term begins once he officially takes charge.
Kumar took the helm in March 2020, following a bailout by banks after the lender was hit hard by bad loans linked to risky “shadow lenders” — non-bank financiers — and real estate firms. He’s been steering the bank since then.
Yes Bank disclosed this under India’s listing rules governed by markets regulator SEBI. It also confirmed that Tonse isn’t barred by SEBI or any other authority from holding the position.
SMBC’s investment came amid a broader drive by Japanese lenders to chase growth beyond their borders, following years of sluggish interest rates at home. For Yes Bank, it put more pressure on management and execution.
The handover still depends on shareholder approval and when Tonse officially takes over, squeezing the timeline for a clean transition. If bad loans—referred to as non-performing assets by banks—begin to pile up again, it could derail the lender’s recovery strategy.
