RBI appoints its former governor as director for Yes Bank

Deputy Governor R. Gandhi was appointed as an additional director on the board of private sector lender Yes Bank by the Reserve Bank of India.

The period of service is for two years.

Yes Bank had a loss of ₹1,507 crore in the March quarter below its new MD & CEO Ravneet Gill. He came to the power on March 1 after Rana Kapoor.

There are situations while the RBI designated its nominee directors in banks like Lakshmi Vilas Bank and Dhanalaxmi Bank. In these cases, the director was a present Central Bank official.

Mr.Gandhi is retired deputy governor of RBI. The banking authority generally elects board members for establishing governance in banks.

Mr.Gandhi as a deputy governor was in charge of banking operations and development, non-banking supervision, risk monitoring, among others.

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