RBI approves proposed changes in Yes Bank board

New Delhi, Sep 10 (PTI) Yes Bank on Wednesday said the RBI has approved proposed changes in Articles of Association (AoA) of the bank with regard to appointment of nominee directors on the board.

The changes are in connection with nomination of 2 nominee directors by Sumitomo Mitsui Banking Corporation (SMBC) and 1 nominee director by SBI, on the board.

The changes in the board would take effect after Japan-based SMBC acquires stakes of SBI and other seven banks in Yes Bank.

The bank received the approval of the Reserve Bank of India (RBI) vide letter dated September 9, 2025, for the proposed amendments to the AoA, Yes Bank said in a regulatory filing.

On May 9, Yes Bank had disclosed that SMBC planned to buy 20 per cent through a secondary stake purchase, including 13.19 per cent from State Bank of India (SBI) and 6.81 per cent from seven other lenders -- Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank.

Earlier this month, the proposed deal got approval of the Competition Commission of India (CCI).

Last month, the RBI also granted approval for the deal, clarifying that SMBC would not be categorised as a promoter of Yes Bank. SBI, which currently holds 24 per cent in the bank, will see its stake cut to a little over 10 per cent after the transaction.

For the fourth quarter ended March 2025, Yes Bank reported 63 per cent rise in standalone net profit at Rs 738 crore, compared to Rs 451.9 crore in the year-ago period. For FY25, the net profit more than doubled to Rs 2,406 crore from Rs 1,251 crore a year ago. PTI DP ANU ANU