YES BANK appoints two new independent directors

Mumbai: YES BANK, India’s fourth largest private sector bank, announced the appointment of 2 independent directors Saurabh Srivastava, and Vasanth V Gujarathi on the Board of Directors of YES Bank

Saurabh Srivastava, will chair the newly constituted IT Strategy Committee of the Bank. He has a Masters degree from Harvard University and a B.Tech from IIT- Kanpur. He has been awarded the distinguished alumnus from IIT-K, Honorary Doctorate from University of Wolverhampton, UK and lifetime achievement award from IT industry in India.

He is also the Co-founder and past Chairman of NASSCOM. He has been on the Advisory Board’s of Imperial College Business School, London and several Indian Universities and on entrepreneurship/ incubation Board’s of two IITs. His public service commitments have included the Indo EU Round Table, Planning Commission, SEBI Committees on Angel Investing and Venture Capital, IT Ministry’s Committee on Software, Railway Expert Committees, Task force for two of India’s largest states, currently on Advisory Board of software technology parks in India and National Advisory Committees – Department of Science and Technology.

Vasant V Gujarathi will be a key member of the Audit Committee. He is a Chartered Accountant since 1975. He is an ex-partner of Price Waterhouse Coopers/ Lovelock & Lewes and has over three decades of Audit experience of working with some of the large MNCs & domestic Indian companies. He has exposure in the field of audit, financial systems, operations, risk management, regulatory compliance, internal audit services, IT strategy implementation, talent management, corporate governance review & advisory services, ethics assessment and program development etc.

The existing Board Constitution include:

M R Srinivasan Non Executive Part Time Chairman

Rana Kapoor, Managing Director & CEO YES BANK LTD.

Radha Singh, Independent Director

Ajay Vohra, Independent Director

Lt General (Retd.) Mukesh Sabharwal, Independent Director

Ravish Chopra Non Independent Director

Diwan Arun Nanda, Independent Director

Mr Brahm Dutt Independent Director

With these 2 appointments, the Board will now constitute of 10 members, of which 7 are independent directors (70% independent directors).

M R Srinivasan, Non Executive Part time Chairman, YES BANK said, “Both the newly appointed directors, Saurabh Srivastava and Vasant Gujarathi bring significant policy making, supervision and strategic direction driven experience with international and Indian firms, across Technology/ Audit, Stakeholder relationship management etc. These inductions will further strengthen and add considerable value to YES BANK’s Board of Directors, resultant expansion of the board, strengthening the Corporate Governance frameworks of the Bank”.