IN MARCH, the Reserve Bank of India’s decision to supersede the board of Yes Bank and impose a moratorium on deposit withdrawals amid a surge in non-performing assets sent shock waves across the sector. Soon, a first-of-its-kind public-private partnership effort was mounted and Prashant Kumar, CFO of State Bank of India, was appointed managing director and CEO of the bank. SBI and seven other private banks together invested ₹10,000 crore, and ₹15,000 crore was raised through a further public offer (FPO). Eight months later, the bank is on a much more stable footing. In an exclusive interview with THE WEEK, Kumar talks about the challenges and the targets. Excerpts:
Q/You took charge at Yes Bank at the toughest time in the bank’s history. What is the progress in the turnaround?
A/The bank’s transformation has been thoroughly fulfilling. We have seen a pair of significant firsts. One, the bank has been re-energised despite a slowdown around the globe. Two—and this is something exceptional because it is unprecedented in the history of banking in India—top financial institutions came together to provide support to another bank which retained its individual identity.
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