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Yes Bank wants to become a Technology Company, rejigs top level management

Medium size private segment moneylender Yes Bank is expecting to develop itself into an “innovation company or Technology organization in the banking industry” and has in like manner declared a rejig of its top level management.

It has drafted Raj Ahuja, who accompanies an involvement in fintech, telecom and innovation parts, as CFO and furthermore realigned the activity profile of the present CFO Rajat Monga wherein he will likewise head the digital banking and technology functions.

The arrangement of Ahuja is by all accounts likewise determined by a RBI command that requires a bank CFO to be a chartered accountant.

“Monga will lead Yes Bank’s advancement into an innovation organization in the business of banking and finance industry, re-platforming the core technology platforms and further scaling up corporate and retail banking solutions,” the city-based lender said in a statement.

The announcement comes amid severe speculation internationally over the future of Indian banking industry, if it will continue to be the same or if there will be a fundamental change in the way banks operate today.

A huge number of Indian bank CEOs who have been selected as heads of digital banking or information technology, have also raised red flags and also lots of concerns marks over the future model of banking.

In 2016, Yes Bank had announced a four-year programme schedule, targeting to multiply its market share in lending to 2.5 per cent with a loan order book of Rs 1 trillion.

Under the new management model framework, Monga will continue to lead financial markets, balance sheet management, transaction banking and liabilities product management, but will also lead the digital banking and technology domain, the bank said.

The chief digital officer and chief information officer; heads of transaction banking, financial markets and balancesheet management will report to Monga.

Ahuja, who joins from Reliance Jio where he was the CFO, will supervise money related administration and will be associated with driving the financial performance.

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