Mumbai: Former Reserve Bank Deputy Governor R Gandhi has been appointed as an additional director on the board of Yes Bank.
The appointment is for a period of two years with effect from May 14, 2019, to May 13, 2021, or till further orders, whichever is earlier, Yes Bank said in a filing to stock exchanges.
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Yes Bank said on Wednesday the Reserve Bank has appointed former RBI deputy governor R Gandhi as additional director on its board for two years.
"The Reserve Bank of India vide its letter dated May 14, 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 May 14, 2019 to May 13, 2021 or till further orders, whichever is earlier," Yes Bank said in a regulatory filing.
Gandhi was RBI Deputy Governor during April 2014 and April 2017.
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 per cent to close at Rs 143.65 on BSE.
