MUMBAI, March 12 -- A month after receiving approval from the Reserve Bank of India, YES Bank has appointed Vinay Muralidhar Tonse as its managing director and chief executive officer for a three-year term, the private sector lender said in a release on Thursday.

Tonse has joined the bank as managing director and chief executive officer-designate and will take over from incumbent Prashant Kumar effective 6 April.

Kumar, who has led the bank since its reconstruction in 2020, will step down after three terms and following the acquisition of a 24.2% stake in the lender by Japan's Sumitomo Mitsui Banking Corp. (SMBC)

In January, the central bank allowed SMBC to operate a wholly owned arm in India, four months after the Japanese financial s...