YES Bank Limited has announced a significant leadership transition with the appointment of Mr. Vinay Muralidhar Tonse as Managing Director & Chief Executive Officer (Designate). The appointment follows the Reserve Bank of India's approval for his role as MD & CEO for a 3-year term.

Leadership Transition Timeline

The bank's Board of Directors, based on the Nomination and Remuneration Committee's recommendation, has structured a phased transition to ensure operational continuity:

Mr. Tonse will serve as MD & CEO Designate from March 12, 2026 to April 05, 2026 to facilitate smooth transition and familiarize himself with the bank's business and operations. He will formally assume charge as MD & CEO on April 06, 2026, succeeding current MD & CEO Prashant Kumar, who demits office on April 05, 2026.

Professional Background and Experience

Mr. Vinay M. Tonse brings extensive banking expertise, having most recently served as Managing Director (Retail Business and Operations) at State Bank of India from November 2023 to November 2025. In this role, he managed SBI's entire domestic network comprising:

Career Journey and Qualifications

Mr. Tonse holds a B.Com from St. Joseph College of Commerce, Bangalore, and a Master's in Commerce from Bangalore University. He began his banking career with SBI in 1988 as a Probationary Officer and has accumulated diverse experience across various banking functions including:

• Corporate Credit and International Banking
• Treasury Operations and Equity Portfolio Management
• Retail Banking and Agriculture & Rural Banking
• Training and business operations

Key Leadership Roles

Throughout his career, Mr. Tonse has held several significant positions, including a notable deputation as Managing Director & CEO of SBI Mutual Funds from June 2020 to December 2022, where he led India's largest Asset Management Company. He also served as Chief General Manager of SBI's Chennai Circle from June 2018 to June 2020.

His international experience includes serving as Chief Executive Officer of SBI's Osaka Branch in Japan from August 2009 to June 2013, and working with the Credit/Forex Offshore Banking Unit in Singapore. Other notable assignments include roles in treasury marketing, equity & commodities, and corporate accounts management across various SBI locations.

Regulatory Compliance

The appointment disclosure has been made available on the bank's website at www.yes.bank.in in compliance with listing regulations. YES Bank will provide further intimation to stock exchanges when Mr. Tonse formally assumes charge as Managing Director & CEO.

YES BANK has issued an official clarification to BSE Limited under Regulation 30 of SEBI (LODR) Regulations, 2015, confirming that the recent Multi-Currency Prepaid Forex Card fraud incident has no material impact on the bank's operations. The clarification comes following media reports about unauthorized transactions and regulatory scrutiny from the Reserve Bank of India.

Official Regulatory Response and Compliance

In its formal communication dated February 26, 2026, YES BANK provided comprehensive details to BSE Limited regarding the fraud incident that occurred on February 24, 2026. Company Secretary Sanjay Abhyankar confirmed that the bank remains fully compliant with disclosure requirements and has no undisclosed information that could affect trading activities.

The bank emphasized its commitment to keeping stock exchanges informed of all material events as required under listing regulations, while maintaining transparency with stakeholders throughout the incident management process.

Detailed Incident Analysis and Impact Assessment

YES BANK's fraud monitoring system detected unusual activity on Multi-Currency Prepaid Forex Cards issued in partnership with BookMyForex during a critical five-hour window. The unauthorized transactions targeted specific BIN numbers across 15 merchants in a Latin American country that does not mandate two-factor authentication for e-commerce transactions.

Comprehensive Security Measures and Customer Protection

As an immediate security response, YES BANK restricted e-commerce transactions from the specific Latin American country involved in the fraudulent activities. The bank's monitoring and control mechanisms successfully declined 688 unauthorized transaction attempts, demonstrating the effectiveness of its fraud detection systems.

YES BANK is actively working with the Card Network to raise chargebacks, ensuring that impacted customers do not face any financial losses from the unauthorized transactions. The bank has implemented enhanced security protocols and continues to monitor the situation closely while collaborating with stakeholders to protect customer interests.

Regulatory Compliance and Market Communication

The bank's official press release, submitted to stock exchanges via letter YBL/CS/2025-26/196 dated February 26, 2026, reinforces its commitment to maintaining the highest standards of data security and customer protection. YES BANK confirmed that all relevant information has been disclosed to exchanges as required under SEBI regulations, with no material undisclosed events affecting the bank's operations.

The comprehensive clarification demonstrates YES BANK's proactive approach to regulatory compliance and transparent communication with stakeholders during security incidents involving digital payment instruments.