Yes Bank Group President & Chief Digital Officer Ritesh Pai resigns

Yes Bank chief digital officer and group president Ritesh Pai is set to join a Netherlands-based cross-border payments company, Terrapay, after resigning from Yes Bank.

Yes Bank chief digital officer and group president Ritesh Pai is set to join a Netherlands-based cross-border payments company, Terrapay, after resigning from Yes Bank. Yes Bank confirmed Pai’s exit. “Ritesh has had two stints with Yes Bank, first from October 2004 to October 2006 and then from March 2015 to October 15, 2020. After a fruitful tenure, he decided to explore and pursue opportunities outside the bank. We wish him the best for a successful career ahead,” a Yes Bank spokesperson told.

Ritesh Pai will join TerraPay, a company that builds payments infrastructure globally, providing a B2B real-time cross-border payment service for mobile wallets and bank accounts as well as transaction processing, clearing, and settlement services for regional and domestic faster payment systems.

Pai’s resignation is the third high profile resignation in the last few months, before Pai, Rajat Monga, the chief financial officer and Pralay Monday, the bank’s retail head, too, have quit. Pai has served Yes bank in two stints, the second stint started in 2015. Pai has already submitted its resignation notice to Yes Bank and now he would head the product team at Terrapay.

“Pai had a very fruitful tenure, driving the digital payments strategy at the bank, something that put Yes Bank ahead of many of its competitors,” said a source on Pia’s resignation.

Ritesh Pia played a major role in developing digital banking and the UPI partnership of Yes Bank and PhonePay. The bank had also pushed forward on the AePS (Aadhaar Enabled Payments System) journey under Pai’s leadership.

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