The Global economy's cyclical upswing continued to intensify in 2017. In line withthis the Indian economy continued to gain momentum aided by decisive policy decisionstaken by the Government of India in the last few years. India's economic prospects forFY19 therefore appear promising.
To support the acceleration in the economy revival of India's banking sector will needto keep pace with it. The process of resolution of the asset quality pressures and NPAissues which has got streamlined through the Insolvency and Bankruptcy Code (IBC)framework is likely to witness material progress in the days ahead.
Revival apart banking itself is changing radically and changing fast. The bankingsector has become increasingly tech-driven. YES BANK initiated this change three years agoand is at the forefront of digital transformation. It is a matter of satisfaction that
Digitization has been across the entire spectrum:
Launch of new products and services across payments Lending Transaction BankingDeploying AI (Artificial Intelligence) solutions Robots Using data for risk managementClient servicing
YES BANK was the first Bank in India to successfully implement innovation in SupplyChain finance using Blockchain and API (Application Programming Interface) Banking.
As the Bank continues its digital journey in pursuit of enhanced customer satisfactionand efficiency the Bank continued to receive multiple accolades recognizing its stellarperformance on parameters across:
Business and Financial Outcomes Responsible Banking Innovation Financial InclusionDigital Banking and Fintech Transaction Banking Human Capital among others
In terms of governance the Board of Directors continued to extensively engage with thetop and senior management leaders of the Bank during various Board/Committee meetings.Such engagements allow the Board to provide guidance to the leadership team to ensure longterm sustenance of the Bank's business strategy. The Board continues to have confidence inthe long-term success of the Bank backed by a robust record of regulatory compliance anda prudent approach to risk management.
Recently Mr. Saurabh Srivastava retired from the Bank's Board owing to the completionof his term and Ms. Debjani Ghosh resigned from the Board due to her preoccupation onaccount of her joining the NASSCOM as Executive President. I would like to thank them fortheir valuable contribution to YES BANK's Board over the years. YES BANK also appointedMr. Subhash Chander Kalia Mr. Rentala Chandrashekar and Dr. Pratima Sheorey_on the Boardof the Bank. We look forward to their contribution towards the growth of the Bank. Thecurrent Board of the Bank comprises of 9 Directors including 6 Independent Directorsstrengthening the Bank's governance commitment._
All of these building blocks rest on a deeper foundation - the TRUST that your Bank hasearned from its customers and other stakeholders. The coming year will be an important onefor YES BANK.
We will work ceaselessly along with all stakeholders to ensure a successful journey inthe mission of "Building the Finest Quality Large Bank of the World in India"sooner than later.
Non-Executive Independent Part-time Chairman