Prashant Kumar appointed as Managing Director of Yes Bank, to get package of Rs 2.85 crore
Mumbai. Prashant Kumar , managing director and chief executive officer of Yes Bank , is expected to get a total of Rs 2.84 crore. Kumar Bank, a senior SBI officer, has been appointed to save from drowning. Shareholders will consider their salary package at the annual general meeting to be held on 10 September. In the notice given about the meeting, the bank also said that it is looking at increasing the share option for senior executives to three times 22.5 crore. The move is being seen as a move to keep talented officers engaged.
Kumar was associated with Yes Bank after retiring from the post of Chief Finance Officer of SBI. At that time, the government and RBI removed the bank's board of directors and replaced it with another board of directors. This step was taken keeping in mind the interests of the depositors as the bank was in a shambles at the time and was unable to raise new capital. The bank has raised Rs 15,000 crore under Kumar's leadership. According to the notice, the proposal to accept Kumar's salary will be considered in the meeting of shareholders in a digital way. Kumar has been appointed till 26 March 2021. The salary of the managing director includes basic salary of Rs 45 lakh, Rs 1.05 crore allowances and Rs 72 lakh for their living arrangements.