YES Bank appoints Vinay Tonse as CEO and MD for three-year term

YES Bank Announces Key Leadership Change

YES Bank, a prominent private sector lender, has made a significant move in its leadership by appointing Vinay Muralidhar Tonse as its new Managing Director and Chief Executive Officer.

The appointment, approved by the Reserve Bank of India, comes into full effect on April 6, 2026, for a three-year term. Tonse steps in as CEO-designate from March 12, 2026, until April 5, marking a smooth transition from the current leader, Prashant Kumar, who has been at the helm since March 2020.

This change is part of the bank's structured succession planning, aimed at steering the institution into its next growth phase amid a competitive banking landscape.

Vinay Tonse's Impressive Banking Journey

Vinay Tonse brings over three decades of rich experience in the banking sector, making him a strong fit for YES Bank's ambitions.

He recently served as Managing Director at State Bank of India, where he oversaw retail operations and managed a massive retail book of around $800 billion in deposits and advances—the largest in the country.

His career spans treasury, retail banking, corporate banking, international operations, and asset management. Tonse has international exposure, including stints in Singapore and leading SBI's operations in Osaka, Japan. He also held the role of Managing Director and CEO at SBI Mutual Fund.

A commerce graduate from St. Joseph’s College of Commerce in Bengaluru, he holds a master’s degree in commerce from Bangalore University. His diverse background positions him well to tackle the challenges and opportunities in private sector banking.

Transition from Prashant Kumar and Board Endorsement

Prashant Kumar's tenure since 2020 has been pivotal, especially following the bank's financial crisis that year.

I am excited to be part of the distinguished legacy of YES Bank. I look forward to bringing my experience and learnings to further strengthen this institution. Together with the Board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders. Guided by my personal motto, ‘Make A Difference’, I firmly believe that, collectively, we will continue to make a meaningful and lasting impact.

Under his leadership, YES Bank stabilized its operations, bolstered governance, and rebuilt its scale, turning around a tough period into one of recovery and resilience. The bank has expressed deep gratitude for his contributions in laying a solid foundation.

The Nomination and Remuneration Committee, chaired by Independent Director Nandita Gurjar, conducted a thorough search and unanimously recommended Tonse.

Gurjar highlighted his exemplary leadership track record, strong governance, and ability to drive growth and transformation. Non-Executive Chairman Rama Subramaniam Gandhi also welcomed Tonse, confident that his expertise will propel the bank forward while appreciating Kumar's role in its current strength.

This appointment signals YES Bank's commitment to continuity and innovation. With Tonse's proven track record at SBI and his global perspective, the lender is poised for expansion in retail and beyond. The market has already taken note, with shares showing movement amid the news. Investors and customers alike will watch how this leadership shift influences the bank's strategy in a dynamic financial environment.

In summary, YES Bank's appointment of Vinay Tonse as MD and CEO reflects a strategic succession, honoring Prashant Kumar's stabilizing efforts while ushering in fresh expertise for sustained growth.