Yes Bank on Monday announced the appointment of T S Vijayan, former Irdai chairman, as an additional director for five years with immediate effect.
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 December 3, 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 approval of shareholders at the next general meeting of the bank.
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