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CEO Prashant Kumar said, Yes Bank is committed to accountability to shareholders

The India Print 2020-08-18 16:17:35

Mumbai. Prashant Kumar, Chief Executive Officer (CEO) and Managing Director of Yes Bank has said that under the new management, the bank has made a drastic change in its risk and operating structure. Kumar, in a message to shareholders in the bank's annual report, said that the bank has made these changes to protect its image from risks and to present itself as a brand that is credible. Kumar said, "The bank is committed to a culture of accountability to all its shareholders." Yes Bank co-founder and former chief executive Rana Kapoor was charged with alleged lending and irregularities in disclosures. As a result, the bank's non-performing assets (NPAs) continued to grow. The Reserve Bank and the government dissolved the bank's board of directors in March.

A consortium of various lenders led by State Bank of India gave a relief package of Rs 10,000 crore for the bank. Kumar, a former SBI officer, was appointed the new CEO of the bank under the new arrangement. Kumar said, "The bank has made notable changes in its risk structure. With this, we will be able to identify the risks ahead and resolve them immediately. ”He said that we need to do a lot more on this front. Kumar said that the board and management of the bank will make every effort to meet the expectations of its customers, employees, communities, regulators and shareholders.