RBI APPOINTS R GANDHI ON BOARD OF YES BANK FOR 2 YEARS
Yes Bank on Monday said that Reserve Bank of India (RBI) has appointed former deputy governor R Gandhi as an additional director on the board of the bank for a period of two years. In a notice to the stock exchanges, private sector lender said that the appointment will be effective from May 14, 2019 to 13 May 2021. Yes Bank also said that the appointment has been made under sub-section (1) of Section 36 AB of the Banking Regulation Act, 1949. According to the particular section, RBI can appoint additional directors “if the Reserve Bank is of 2 [opinion that in the interest of banking policy or in the public interest or] in the interests of the banking company or its depositors it is necessary so to do, it may, from time to time by order in writing, appoint, with effect from such date as may be specified in the order, one or more persons to hold office as additional Directors of the banking company.”