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Harsh K. Rai named CEO of Mahindra’s farm division & gromax
Seasoned business leader returns to India to head farm division and gromax
MUMBAI: Mahindra Group has appointed Harsh K. Rai as CEO of its farm division and gromax business, marking a significant new chapter in the executive’s three-decade corporate journey.
In his new role, Rai will steer the strategic direction and growth of Mahindra’s farm equipment and agri solutions portfolio, focusing on innovation, scale and deeper market reach across the agricultural ecosystem. His appointment comes at a time when India’s farming sector is undergoing rapid transformation, driven by mechanisation, technology and evolving rural aspirations.
Announcing his move, Rai struck a personal note. “Back in India. Back to roots. Joined Mahindra Group as CEO – farm division & gromax,” he shared. Reflecting on his first few weeks in the field, he spoke of meeting “talented teams, passionate partners and friendly farmers”, and praised Mahindra’s legacy of trust and its enduring commitment to innovation in agriculture. “Looking forward to build it together,” he added.
Rai joins Mahindra after serving as CEO of overseas spinning at Aditya Birla Group in Jakarta from August 2023 to January 2026. Prior to that, he was senior executive president at UltraTech Cement, where he spent over four years in Mumbai overseeing key business operations.
A large part of his career, however, was shaped at PepsiCo, where he held multiple leadership roles over 14 years. From marketing head for new brands such as Tropicana and Gatorade to vice president sales and commercial unit gm for India food and beverage, Rai built a reputation for driving growth across regions and categories. He also served as CEO and managing director of NourishCo Beverages Limited, the joint venture between PepsiCo and Tata, and sat on its board.
His early career began at Wipro Consumer Care and Lighting, where he rose through the ranks from management trainee to regional manager in the lighting division.
From beverages to building materials and textiles, Rai has led businesses across sectors and geographies. Now, as he returns to India’s heartland with Mahindra’s farm portfolio in hand, the focus shifts to fields rather than factory floors. If his track record is anything to go by, the seeds of growth may already be sown.
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YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
