The extension comes as the Mumbai-based bank has launched the search for a new CEO and is engaging with global recruitment firms.
Representative Image (IANS)
The Reserve Bank of India (RBI) has approved a six-month extension for the Yes Bank’s Managing Director and CEO, Prashant Kumar effective from October 6, 2025, or until a new MD & CEO is appointed—whichever is earlier—according to the bank’s exchange filing.
The extension comes as the Mumbai-based bank has launched the search for a new CEO and is engaging with global recruitment firms.
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Kumar had received his first extension from the central bank in October 2022 for a three-year period, which meant that his term was to end in October 2025.
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Notably in May, Japan’s Sumitomo Mitsui Banking Corp (SMBC) entered into a definitive agreement to acquire a 20% stake in Yes Bank through a secondary stake purchase of 13.19% from State Bank of India and 6.81% aggregate from other banks for Rs 13,483 crore at Rs 21.5 apiece.
As per the deal, SBI will sell the stake for Rs 8,889 crore, while the other banks together will sell for Rs 4,594 crore. The other banks include Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank.
Yes Bank had made an application to the RBI under The Banking Regulation Act, 1949, to extend Kumar’s tenure as MD & CEO.
Prashant Kumar, who is a former Deputy Managing Director and Chief Financial Offer (CFO) at State Bank of India (SBI) was appointed as MD & CEO of Yes Bank after a consortium of banks, led by his former employer SBI, had rescued the bank from a liquidity crisis in 2020.
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