Private sector lender Yes Bank Ltd has appointed Sumit Bali to head the retail lending business, a person with direct knowledge of the matter told NDTV Profit.
Bali, who is set to join on Aug. 26, will lead the retail loans and collections business at Yes Bank. He will report to Executive Director Rajan Pental. Queries mailed to Yes Bank were not immediately responded to.
Yes Bank had elevated Pental as executive director in February 2023, when he was group head for retail banking business. Bali comes at a time when Yes Bank is looking to push up its retail banking business, as it comes out of the residual impact of Reserve Bank of India's forced reorganisation in March 2020.
As of June 30, Yes Bank's retail advances stood at over Rs 1 lakh crore, while retail and branch banking deposits stood at Rs 1.42 lakh crore.
Bali led Axis Bank's retail lending business, before resigning in June. He was instrumental in Axis Bank's acquisition of Citi's India retail business in 2023. Prior to joining Axis Bank, Bali was CEO of IIFL Finance. Previously he acted as Executive Vice President at Kotak Mahindra Bank's retail assets division and CEO of Kotak Mahindra Prime Ltd.
Bali is an alumnus of Indian Institute of Management, Ahmedabad and Stephen's College, Delhi.
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