Yes Bank board names 3 top execs as directors ahead of decision on Shagun Gogia’s nomination

Yes Bank Ltd has elevated three of its senior executives heading finance, wholesale banking and retail banking units to the board as executive directors. This comes at a time when it is going through a tussle over board membership for one of the co-promoters of the private bank.

The bank said its board meeting on Thursday cleared appointment of Rajat Monga, Sanjay Palve and Pralay Mondal from its senior management team as whole-time directors, as per a stock market disclosure. The appointments are subject to approval of the Reserve Bank of India (RBI) and shareholders.

The bank said in a statement, “This is to further build and strengthen the institutional and professional character of Yes Bank as the ‘professionals bank of India’.”

Monga, who joined Yes Bank in 2004 as director of financial markets, is currently senior group president and CFO. Prior to joining Yes Bank, the IIT Delhi-IIM Ahmedabad alumnus worked with UTI and Rabo India Finance Pvt Ltd. Currently, he heads relationship management for the bank’s Indian Financial Institute, International Banking Division and Multinational Corporations Relationship Banking.

Starting his career with BPCL, Palve worked with firms such as ICICI Bank before joining Yes Bank in 2004. Currently he is business head for corporate finance, government relationship management and agri & rural banking.

Mondal, an alumnus of IIT Kharagpur and IIM Calcutta, joined the bank last year as senior group president - branch, retail and business banking, from HDFC bank.

These appointments come at the time when Yes Bank is facing legal issues with nomination of Shagun Kapur Gogia, the daughter of Yes Bank co-founder late Ashok Kapur, as a board member.

Recently, Gogia resigned from the board of Tuscan Ventures to avoid possible rejection of her nomination by the Yes Bank board. Earlier, Yes Bank said since the matter is sub judice the final decision on Gogia’s nomination will be submitted before the Bombay High Court on July 1.

(Edited by Joby Puthuparampil Johnson)

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