Prashant Kumar to get Rs 2.85 crore as MD, CEO of Yes Bank

Prashant Kumar to get Rs 2.85 crore as MD, CEO of Yes Bank

Kumar joined the bank after retiring as the chief financial officer of SBI, after the Yes Bank's board was replaced by the government and the Reserve Bank to protect interests of the depositors as the financial position of the bank became precarious

Advertisement
Under Kumar, the bank has already completed a Rs 15,000-crore capital raiseUnder Kumar, the bank has already completed a Rs 15,000-crore capital raise
PTI
  • Aug 18, 2020,
  • Updated Aug 18, 2020 2:31 PM IST

Yes Bank's managing director and chief executive Prashant Kumar, a veteran SBI hand who joined the bank as part of its bailout, is set to be paid a total remuneration of Rs 2.84 crore. In a notice to shareholders for the annual general meeting on September 10, the bank also said that it is looking at trebling up stock options to be granted to senior executives to 22.5 crore, in what can be seen as a move to retain talent.

Advertisement

Kumar joined the bank after retiring as the chief financial officer of SBI, after the Yes Bank's board was replaced by the government and the Reserve Bank to protect interests of the depositors as the financial position of the bank became precarious and it was unable to raise new capital.

Typically, officials serving state-run banks are paid much lower emoluments. Under Kumar, the bank has already completed a Rs 15,000-crore capital raise. Shareholders will be considering and adopting a resolution on the salary for Kumar, who has been appointed till March 26, 2021, at the virtual AGM, according to the notice.

Yes Bank's managing director and chief executive Prashant Kumar, a veteran SBI hand who joined the bank as part of its bailout, is set to be paid a total remuneration of Rs 2.84 crore. In a notice to shareholders for the annual general meeting on September 10, the bank also said that it is looking at trebling up stock options to be granted to senior executives to 22.5 crore, in what can be seen as a move to retain talent.

Advertisement

Kumar joined the bank after retiring as the chief financial officer of SBI, after the Yes Bank's board was replaced by the government and the Reserve Bank to protect interests of the depositors as the financial position of the bank became precarious and it was unable to raise new capital.

Typically, officials serving state-run banks are paid much lower emoluments. Under Kumar, the bank has already completed a Rs 15,000-crore capital raise. Shareholders will be considering and adopting a resolution on the salary for Kumar, who has been appointed till March 26, 2021, at the virtual AGM, according to the notice.

Read more!
Advertisement