Yes Bank has announced the appointment of Mr. Vinay Muralidhar Tonse as its Managing Director and Chief Executive Officer, effective from April 6, 2026. The decision was made following the approval from the Reserve Bank of India (RBI) and the recommendation of the Nomination and Remuneration Committee.
Mr. Tonse’s appointment as a Director and his remuneration package were subjects of a postal ballot notice sent to the bank’s members. The postal ballot notice, dated March 20, 2026, outlines several resolutions, including the approval of Mr. Tonse’s appointment and salary package.
The remuneration package for Mr. Tonse as MD & CEO includes a fixed pay of ₹98,14,700 per annum, along with other benefits. These benefits include provident fund contributions of ₹11,77,764 and gratuity of ₹4,72,087. The bank has stated that Mr. Tonse’s remuneration may be revised from time to time, subject to RBI’s approval.
In addition to Mr. Tonse’s appointment, the postal ballot notice also seeks approval for the re-appointment and remuneration of Dr. Rajan Pental as an Executive Director of the bank. Furthermore, it includes a resolution for approving material related party transactions with Sumitomo Mitsui Banking Corporation.
The bank has engaged the services of National Securities Depository Limited (NSDL) to facilitate remote e-voting for its members. The e-voting period is scheduled to commence on March 26, 2026, and will conclude on April 24, 2026. The results of the postal ballot will be submitted to the stock exchanges by April 28, 2026.
Yes Bank has made the postal ballot notice available electronically to all members whose email addresses are registered with the bank’s depositories. This move aligns with the relevant circulars issued by the Ministry of Corporate Affairs, ensuring compliance with the Companies Act, 2013.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).