Vinay Muralidhar Tonse Appointed Yes Bank CEO and MD; As RBI Approves Appointment of Veteran Banker, Know All About Him
The RBI has approved Vinay Tonse as the new MD & CEO of Yes Bank for a three-year term starting April 2026. A former SBI Managing Director with 37 years of experience, Tonse led retail operations and SBI Mutual Fund. He succeeds Prashant Kumar, aiming to drive digital growth and retail expansion for the private lender.
Mumbai, February 4: The Reserve Bank of India (RBI) has formally approved the appointment of veteran banker Vinay Muralidhar Tonse as the Managing Director and Chief Executive Officer of Yes Bank. The private sector lender confirmed the development in a regulatory filing on Tuesday, February 3, stating that Tonse will lead the bank for a three-year term. He is set to succeed the current MD and CEO, Prashant Kumar, whose extended tenure concludes on April 6.
A Strategic Leadership Transition
The transition comes at a pivotal moment for Yes Bank as it shifts its focus from a post-reconstruction stabilization phase toward long-term growth. The bank indicated that it sought new leadership after considering Prashant Kumar's personal preferences and the institution's future strategic requirements. No Holiday for Agency Banks: RBI Orders Branches to Remain Open on March 31 for Year-End Transactions.
RBI Approves Vinay Muralidhar Tonse As MD and CEO of Yes Bank
Kumar, also a former State Bank of India (SBI) executive, was credited with rescuing the bank in 2020 following a liquidity crisis. Markets reacted positively to the news of Tonse's appointment, with Yes Bank shares rising approximately 1 per cent shortly after the announcement, reflecting investor confidence in his extensive public-sector experience.
Vinay Tonse Comes With Three Decades of Banking Excellence
Vinay Tonse is a career banker with nearly 40 years of experience, the vast majority of which was spent at India's largest lender, State Bank of India. He joined SBI as a Probationary Officer in 1988 and rose through the ranks to become one of its four Managing Directors.
Before his retirement from SBI in November 2025, Tonse served as MD (Retail Business & Operations). In this role, he was a key architect of the bank's digital transformation, overseeing the expansion of the YONO platform and managing a massive network of branches and operations across the country.
Key Career Milestones
Tonse’s professional profile highlights a versatile career spanning corporate credit, international banking, and asset management:
SBI Mutual Fund: Served as MD and CEO from 2020 to 2022, where he oversaw significant growth in the fund house’s assets under management.
International Experience: He held high-profile overseas assignments, including serving as the CEO of SBI’s Osaka branch in Japan and holding a senior role in the Singapore office.
Corporate Oversight: As Deputy Managing Director (Corporate Accounts), he managed the bank’s relationships with some of India's largest corporate clients.
Government Deputation: Between 2001 and 2006, he served on deputation to the Ministry of Textiles, where he focused on WTO and trade policy matters. Yes Bank Layoffs: Indian Private Bank Restructures Its Business To Simplify Operations and Improve Profit, Lays Off Senior Management Team.
Looking Ahead
While the RBI has given its nod, Tonse's appointment remains subject to the final approval of Yes Bank’s shareholders. Analysts suggest that Tonse’s background in retail operations will be vital as Yes Bank aims to expand its retail deposit base and improve its digital service efficiency. Outside of the boardroom, Tonse is known as an avid wildlife photographer who frequently travels to document nature and diverse cultures, a hobby that colleagues say reflects his patient and observant approach to leadership.
(The above story first appeared on LatestLY on Feb 04, 2026 03:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).