SBI nominee director on Yes Bank board resigns

"Request you to place this before the board of directors for taking on record," read his resignation letter

Yes Bank on Wednesday said that Swaminathan Janakiraman, the nominee director appointed by State Bank of India, has resigned with effect from October 28, 2020.

In his letter, Janakiraman, has conveyed that State Bank of India will shortly nominate a replacement in his place, Yes Bank said in a regulatory filing.

"Accordingly, Swaminathan Janakiraman, ceases to be a director of the bank with effect from end of today, i.e. October 28, 2020," the filing said.

Janakiraman, in his resignation letter addressed to Yes Bank MD&CEO Prashant Kumar said that "I wish to submit my resignation from the board of directors of Yes Bank as a nominee director, effective today October 28, 2020. SBI will be shortly nominating a replacement in my place.

With this resignation, Yes Bank is left with six members on its board including the MD&CEO Kumar and non-executive chairman Sunil Mehta.

Yes Bank shares closed at Rs 12.52 apiece on BSE, down 2.49 per cent from the previous close.