In a significant leadership transition, Yes Bank has confirmed that Prashant Kumar demitted the office of Managing Director and Chief Executive Officer after completing his tenure, with Vinay Muralidhar Tonse taking charge as MD & CEO with effect from April 6, 2026. The appointment is subject to the usual approvals, including shareholder consent and RBI terms as outlined in the bank’s notice.
Tonse arrives at Yes Bank with a deep background in retail and operations. Most recently, he served as Managing Director of Retail Business and Operations at State Bank of India (SBI) from November 2023 to November 2025, steering SBI’s domestic network of roughly 23,000 branches and a workforce of over 2.3 lakh employees, with a reported business volume of Rs 76 lakh crore as of late 2025. His career at SBI also spans leadership roles across credit, international banking, treasury, and regional management, including leadership of SBI Mutual Funds and stints in Japan and Singapore.
The bank’s move positions Tonse to guide Yes Bank through its next phase of growth, drawing on a career that blends large-scale retail banking, operations, and strategic leadership. The announcement notes that Tonse is not debarred from holding the office of director by any regulatory order, and that his appointment is aligned with RBI-approved terms and the eventual shareholder endorsement.
Industry observers will be watching closely as Yes Bank names a veteran banker from SBI to helm the helm at a time of evolving competition and transformation in Indian retail and corporate banking. The coming months will reveal how Tonse’s blend of global exposure and domestic-scale leadership translates into Yes Bank’s strategic priorities.