RBI appoints two additional directors on Yes Bank's reconstituted board

The Reserve Bank of India (RBI) on Friday appointed former RBI deputy governor R Gandhi and assocate professor at SP Jain Institute of Management and Research Ananth Narayan Gopalakrishnan as the additional directors of the Yes Bank from March 26 for a duration of two years.

Last week, the central government had appointed Prashant Kumar as the new Managing Director (MD) and CEO of the bank. In addition, former chairman of the Punjab National Bank (PNB) Sunil Mehta was appointed as the non-executive chairman. It was said that Mahesh Krishnamurthy and Atul Bheda will be the two independent directors.

Yes Bank on Wednesday resumed all of its banking services after the moratorium imposed on troubled private lender was lifted by the Reserve Bank of India. 

The RBI had on March 5 imposed a moratorium on Yes Bank and also superseded the Board of Directors for a period of 30 days owing to a serious deterioration in the financial position of the bank. Withdrawals were also capped at Rs 50,000. 

While the moratorium was to last till April 3, it was lifted following a restructuring plan by the State Bank of India. 

As per the reconstruction scheme notified by the government on Friday, the moratorium on Yes Bank was lifted by 6 pm on Wednesday. 

The bank said it has resumed operations and all its banking services are available for its customers now.