Mumbai, October 31, 2016: YES BANK, India's fifth largest private sector bank, has received the approval from Reserve Bank of India for appointment of Mr. Ashok Chawla as Non-Executive Part-time Chairman of the Bank for a period of three years from the date of his taking charge. Accordingly, Mr. Chawla took charge as Non-Executive Part-time Chairman of the Bank with effect from October 30, 2016 upon the expiry of the term of the current Chairperson of the Bank, Ms. Radha Singh. Mr. Ashok Chawla, an Independent Director, was appointed on the Board on March 5, 2016.
Mr. Ashok Chawla is a distinguished civil servant with over 40 years of experience in various sectors of the economy in India as well as in International Multilateral agencies. Mr. Ashok Chawla was the Chairman of the Competition Commission of India ("CCI"). He obtained his Masters in Economics from the Delhi School of Economics in 1972 and joined the Indian Administrative Service in 1973. He started his career in the State of Gujarat and held various positions, including Chief Executive of important State-Owned enterprises. Notably, he was the head of the multi-billion dollar Sardar Sarovar Narmada multi-purpose project.
In the late 1980's, he was posted as Economic Counsellor in the Indian Embassy in Washington DC, USA. Between 1998 and 2011, Mr. Chawla worked in several senior positions in the Federal Government at Delhi. He has been Permanent Secretary in key ministries of the Government of India such as Finance, Economic Affairs, and Civil Aviation.
He has been on the Boards of Reserve Bank of India, Insurance Regulatory and Development Authority, State Bank of India and Life Insurance Corporation of India. He was also at different points in time India's Executive Director on the International Fund for Agricultural Development, Alternate Governor for India at the World Bank and at the Asian Development Bank.
Mr. Chawla had also held leadership positions in the corporate sector. He has been Chairman and Managing Director of Indian Petrochemicals Corporation Limited and a Director on the Oil and Natural Gas Corporation (ONGC).
In view of his rich and diversified experience, after his retirement from the civil service, he was appointed as the Chairman of the CCI for the period 2011-2016. The CCI is a new market-economy regulator to ensure fair play by business and Industry and it gained immensely in stature during this period.
Positions currently held by Mr. Chawla in other organizations are as under:
- Chairman of National Stock Exchange of India Limited, India's leading stock exchange.
- Chairman of the Governing Council of The Energy and Research Institute (TERI), a not-for-profit policy research organization, working in the fields of energy, environment and sustainable development.
About YES BANK
YES BANK is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.
YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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