MAM
Malabar Gold & Diamonds to invest Rs 240 crores in India operations
MUMBAI: Malabar Gold & Diamonds has announced that it will launch nine stores across India and globally as part of its ambitious global growth plan. Its expansion strategy will see the company mark its footprint across all Tier-I and Tier-II cities in north and central India in order to cater to the growing jewellery market. The group currently operates retail outlets spread across ten countries in India, Middle East, Southeast Asia and the US. Internationally, the expansion will further strengthen its position in markets like Singapore, Malaysia, Oman and UAE.
In the run up to the festive season, Malabar Gold & Diamonds has scheduled the opening of five stores across India in Lucknow, Dwarka (west Delhi), Ghaziabad, Thane and Kamanahalli (Bengaluru). While the Lucknow and Dwarka stores are located in malls, the other three are in high street locations. In addition, the brand is also scheduled to open two stores in UAE, and one each in Singapore, Malaysia and Oman.
The move marks a major investment in expansion at a time when many gold and jewellery retailers have struggled to manage their existing operations due to the challenging global economic environment. Despite the slowdown in the market resulting from lower demand, higher price of gold and the global pandemic, Malabar Gold & Diamonds has decided to push ahead with its growth plans, which demonstrates its confidence in the golden prospects of these markets in future.
“The opening of these nine showrooms with a world-class shopping experience in the post-Covid scenario demonstrates the faith reposed by the customers in the brand. It is only due to their encouragement and patronage that the brand continues to march forward and add to its retail footprints in various corners of the country and the world. Our retail expansion is a part of our plan to become the number one gold retail brand in the world in terms of both showroom count and sales. Accordingly, we have plans to triple the number of showrooms in the next five years”, said Malabar Group chairman MP Ahammed.
For the ongoing festive season that typically sees an upsurge in gold purchase by consumers, the brand is focussing on their One India One Gold Rate initiative, which aims to offer uniform pricing of gold to customers across the country. Additionally, it has also launched an extensive Diwali-specific festive collection which is available at all Malabar stores and the e-catalogue is available for browsing on Malabar Gold & Diamonds website.
Brands
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.
