YES Bank Appoints Vinay Muralidhar Tonse as MD & CEO – Designate
YES Bank has appointed Vinay Muralidhar Tonse as its Managing Director and Chief Executive Officer for a three-year term, following approval from the Reserve Bank of India.
The bank confirmed that Vinay has joined as MD & CEO-designate and will officially take over the role from Prashant Kumar on 6 April.
Prashant Kumar, who has led the lender since its reconstruction in 2020, will step down after completing three terms. His tenure also saw a key strategic development with Sumitomo Mitsui Banking Corporation (SMBC) acquiring a 24.2% stake in the bank.
Earlier this year, the RBI also allowed SMBC to operate a wholly owned subsidiary in India. The Japanese banking group currently runs branch offices in New Delhi, Mumbai, Chennai, and Bengaluru.
Extensive Search and Appointment Process
The appointment followed a comprehensive succession planning process led by the bank’s nomination and remuneration committee. Nandita Gurjar, Independent Director and Chairperson of the committee, said the board conducted an extensive search and evaluation exercise before recommending Tonse for the role.
According to Nandita, the committee unanimously supported Vinay’s appointment, citing his strong leadership credentials, governance experience and capability to guide the bank through its next phase of growth and transformation.
Vinay brings more than 35 years of banking experience across treasury, retail banking, corporate banking, international operations, and asset management.
Banking Veteran to Drive Next Growth Phase
Before joining YES Bank, Vinay served as Managing Director at State Bank of India, where he led retail operations, managing a portfolio of nearly ₹16 trillion—significantly larger than YES Bank’s overall loan book. He previously served as Managing Director and CEO of SBI Mutual Fund between 2020 and 2022 and held overseas leadership roles in Singapore and Osaka, Japan.
Commenting on his new role, Vinay said he is committed to building long-term value for stakeholders by strengthening retail and corporate banking, expanding the branch network, and reinforcing governance and risk management.
According to Rajeev Kannan, Managing Executive Officer & Co-Head of the Asia Pacific Division, Sumitomo Mitsui Banking Corporation Vinay’s global banking exposure and deep understanding of India’s financial ecosystem position him well to lead the lender toward its ambition of becoming a top-tier private sector bank.
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