Former finance secretary and Competition Commission of India (CCI) Chairman, Ashok Chawla has been appointed as the Non-Executive Chairman of Yes Bank from today. Mr. Chawla has taken over as the non-executive part-time Chairperson; Radha Singh completed her tenure as the bank’s director yesterday. “Furtherance to company’s letter dated August 22, 2016 intimating the receipt of approval of RBI for appointment of Ashok Chawla as Non-Executive Part-time Chairman of the Bank for a period of three years from the date of his taking charge,” Yes Bank Ltd said. A former IAS officer, Radha Singh was non-independent director on the bank’s board since April 2008 and was appointed chairperson in 2014.
Yes Bank is India’s fifth largest private sector Bank, founded by Rana Kapoor in 2004. Yes Bank is the only bank to whom Greenfield License award was awarded in the last decade by RBI. YES BANK is a ‘Full Service Commercial Bank’ and has steadily developed its Corporate, Retail & SME Banking, Financial Markets, Investment Banking, Corporate Finance, Branch Banking, Business Transaction Banking and Wealth Management sectors across the country. As on 31st December 2015, the bank had 630 branches and 2000 ATMs across the country. It had a balance sheet size of ₹ 1,23,200 crores and Gross NPA of 0.42 percent. Yes Bank had won Asia-Pacific Quality Organization (APQO) award in August 2014. It is the only Indian bank to win this prestigious global award. It is the first bank in India to be awarded the prestigious IMC Ramkrishna Bajaj National Quality Award for Business Excellence in the Services Category in 2013.
Ashok Chawla, getting the nod from RBI to become Yes Bank’s chairman is a welcome move. He is a well – educated person with lots of experience in the banking sector. We are sure that he will aid in bringing about important reforms in Yes Bank’s policies and financial structure (like cutting lending rates as directed by the RBI), improve Yes Bank’s business and prove to be worthy of his post in the bank. Read more on Startups