The global economic indicators remain largely favorable and while growth is moderatingthis offers a great opportunity for economies to boost human capital increaseopportunities for investments and promote trade integration.
FY 2019-20 will be the year when Indias strong domestic fundamentals willinsulate it from a global environment fraught with uncertainty and volatility.
The overall economic outlook is positive. India is in a state of consolidation withstrong transitional undercurrents at various cross sections of the economy. It has peakedin the BFSI sector and the health of the sector & the economy are expected to onlybetter post the progressive changes taking place.
The year 2018 was a year of heavy lifting for the Banking sector with the sectorundergoing major transformational changes.
In order to support the growth in the economy the banking sector is set to keep pacewith it with renewed vigour. Regulatory measures such as the creation of criticalinstitutional architecture in the form of Central Repository of Information on LargeCredits (CRILC) Insolvency and Bankruptcy Code (IBC) and the National Company LawTribunal (NCLT) has started to deliver on asset quality resolution with unprecedentedspeed in judgments seen in FY 2018-19. With strong economic fundamentals changes in theregulatory climate and transformational technologies more accessible and powerful thanever before there is possibly no better time than now for revival of the sector.
In YES BANKS 15 years of institutional excellence the Bank has strategicallyevolved into a digitally savvy Bank and incorporated technology in its everydayoperations. The Bank has successfully adopted the mantra of collaboration and co-creationwith Fintech startups for its technology led innovations.
With investments in robust digital ecosystems such as Payments API AEPS &Blockchain technologies through long-term partnerships YES BANK is poised to be thecutting edge Digital Bank in India.
The Bank continued to receive accolades from prestigious national and internationalbodies for its exemplary performance on multiple parameters encompassing Businessoutcomes Sustainability Innovation Technology and Human Capital among others.
During the year under review the Board of Directors continued to extensively engagewith the top and Senior Management leaders of the Bank during various Board/ committeemeetings. Such engagements have provided the Board with an opportunity to understand thestrength and depth of the Banks leadership and guide them further to ensurelong-term sustenance of business strategy.
During the year there have been some changes at the Board level of the Bank.
The Board of Directors represents seasoned leaders with proven credentials andrepresents critical Committees on the Board in accordance with their areas of expertise.The current Board of the Bank comprises of 12 Directors including 7 IndependentDirectors strengthening the Banks governance commitment.
Mr. Rana Kapoor demitted the office of Managing Director and CEO of the Bank w.e.f.February 12019. I appreciate the contribution of Mr. Rana Kapoor for his leadership withactive support guidance direction and supervision of the Board of Directors due towhich the Bank has grown to become the Fourth largest Private sector Bank with TotalAssets exceeding '3.80 lakh crore. The Bank over the last 15 years of performance has ademonstrated track record of consistent delivery of business & financial outcomesacross all critical parameters such as capital adequacy profitability steady growth etc.
During the period from February 012019 to February 28 2019 Mr. Ajai Kumar heldcharge as interim Managing Director & CEO of the Bank. I appreciate the contributionmade by him during his tenure.
Mr. Ravneet Gill took charge as Managing Director and CEO of the Bank from March 12019. With an inspiring past and strong present I am sure the Bank will continue itsstellar performance towards the next phase of growth in Building the Finest QualityLarge Bank of the World in India under the new leadership.