Private sector lender YES Bank on Thursday (December 12) said the Reserve Bank of India (RBI) has approved the appointment of Manish Jain as executive director (whole-time director) of the bank for a period of three years, effective from December 11, 2024, to December 10, 2027.
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“…we would like to update you that RBI vide its letter dated December 11, 2024, has approved, the appointment of Manish Jain as Executive Director (i.e., Whole Time Director) of the Bank under Section 35B of The Banking Regulation Act, 1949 for a period of 3 (three) years from the date of taking charge as Executive Director i.e. December 11, 2024, till December 10, 2027,” YES Bank said in a regulatory filing.
This approval follows the earlier resolution by YES Bank’s board of directors, which had appointed Jain as an additional director and executive director, subject to RBI clearance. His appointment will become fully effective following approval by the bank’s shareholders.
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Jain has been with YES Bank since September 2023 and spearheads its corporate and wholesale banking business. Prior to the approval of the RBI for his appointment as executive director, Manish Jain was designated as the country head of wholesale banking.
He will continue to head the corporate and wholesale banking business encompassing the bank’s large corporates, emerging local corporates, multinational corporates, financial institutions, government banking, project finance, loan syndication, transaction banking, IFSC banking unit, corporate and government advisory, food and agri strategic advisory and research, business economics and financial markets.
Jain comes with three decades of work experience which includes more than 23 years with Standard Chartered Bank. He holds a post graduate diploma in management from IIM Bangalore and a B.Tech in mechanical engineering from IIT Delhi.
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Shares of YES Bank ended at ₹21.21, down by ₹0.37, or 1.71%, on the BSE.
(Edited by : Shoma Bhattacharjee)
