Amid the ongoing YES Bank crisis, the Reserve Bank of India (RBI) had appointed Prashant Kumar as the administrator of the troubled private lender on Thursday.
Well, you might wonder who is he and what is his role going to be in this case. Here's all you need to know about the newly appointed administrator of the private lender.
Prashant Kumar is the former chief financial officer of State bank of India (SBI) who will take charge as the administrator of the YES Bank.
Earlier, Kumar was SBI's deputy Managing Director-HR and corporate development officer.
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He is a science and a law graduate from Delhi University after which he joined SBI in the year 1983 as a probationary officer and has went on to take over important portfolios in the bank.
His career has spanned over three decades working in the fields of credit, human resources and training at the bank. Kumar has also served as the Chief General Manager of the bank's Mumbai and Kolkata circle.
Yes Bank was on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.
The bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.
Defending the timing of Yes Bank's moratorium, Reserve Bank of India governor Shaktikanta Das on Friday assured swift resolution to the issues concerning the beleaguered lender.
"The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI," Das told reportters here.
SBI chairman Rajnish Kumar on Friday said there is no need to panic on account of developments in the Yes Bank.
Yes Bank founder Rana Kapoor was taken to Enforcement Directorate (ED) office for questioning on Saturday.
Earlier, the agency conducted raids at Kapoor's residence located at 'Samudra Mahal' residential tower in Mumbai on Friday and registered a case under the Prevention of Money Laundering Act (PMLA) against him.
