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Madhur Bajaj, auto industry stalwart and Bajaj scion, dies at 73
MUMBAI: Madhur Bajaj, non-executive director of Bajaj Auto and a key figure in India’s automobile sector, passed away on Friday morning at Breach Candy Hospital, Mumbai. He was 73.
Bajaj, who had been hospitalised due to health complications, suffered a stroke two days ago and succumbed to it around 5 am, company sources confirmed. Further details on the funeral arrangements are awaited.
Born on 19 August 1952, Madhur Bajaj was a driving force behind Bajaj Auto’s growth and played a pivotal role in shaping the auto and finance industries in India. A graduate of Sydenham College, Mumbai, he later earned an MBA from IMD Lausanne, Switzerland.
His career spanned across diverse sectors, from automobiles to consumer durables and financial services. He was the past president of Siam, India’s apex automobile manufacturers’ body, and also led the Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA).
Bajaj held senior positions within the Bajaj group, including non-executive vice chairman of Bajaj Auto and chairman of Maharashtra Scooters Ltd. He also served as a director on the boards of Bajaj Holdings, Bajaj Finserv, Bajaj Electricals, and Bajaj Finance. His contributions to Aurangabad’s industrial and social landscape, including the development of the Kamalnayan Bajaj Hospital and Nath Valley School, remain a lasting legacy.
Beyond corporate boardrooms, Bajaj was a passionate philanthropist. A trustee of the Jamnalal Bajaj Foundation, he was deeply involved in rural development and water conservation initiatives. He firmly believed that “the secret of living is giving,” dedicating much of his life to social causes.
Bajaj’s passing marks the end of an era for both the auto industry and Indian business leadership. His vision, influence, and contributions will long be remembered.
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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.
