Prashant Kumar, former chief financial officer of State Bank of India, has taken charge as Reserve Bank of India-appointed administrator at Yes Bank Ltd.
The private sector lender was placed under a moratorium on Thursday evening, and RBI has superseded its board, and imposed curbs on its operations for a month. SBI in an exchange filing barely hours later said its board has given an in-principle approval to look at an investment opportunity in Yes Bank.
Kumar taking charge as the Yes Bank administrator is in line with notifications issued by Department of Financial Services and the central bank.
"In line with the above, Prashant Kumar, former deputy managing director and chief financial officer of State Bank of India, who has been appointed as the Administrator by the Reserve Bank of India under Section 36ACA(2) of the Banking Regulation Act, 1949, has taken charge with effect from today," Yes Bank said in an exchange filing.
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