Yes Bank appoints former IRDAI chief TS Vijayan as additional director for five years with immediate effect

Mumbai: Yes Bank on Monday announced the appointment of T S Vijayan, former IRDAI chairman, as an additional director for five years with immediate effect.[caption id="attachment_2738172" align="alignleft" width="380"]

File image of former IRDAI chairman TS Vijayan. Image courtesy IRDAI.[/caption]The private sector lender is grappling with governance as well as non-performing asset issues and has seen resignations of three independent directors, including Chairman Ashok Chawla, in the recent past."We would like to inform that the board of directors of the bank on 3 December, 2018, have approved the appointment of T S Vijayan as an additional director (independent) of the bank with immediate effect and his appointment as independent director for a period of 5 years...," the bank said in a regulatory filing.Vijayan was chairman of the Insurance Regulatory and Development Authority of India (IRDAI). He has also held senior positions in various capacities at the Life Insurance Corporation of India and became its chairman in 2006.Yes Bank further said the appointment of Vijayan will be subject to the approval of shareholders at the next general meeting of the bank.Shares of the bank closed at Rs 178 apiece on the BSE, up 4.92 per cent.