Brands
Qwikcilver launches ‘The Gifting Carnival’ for festive season
BENGALURU: Following participation from over 200 brands in 20 categories, Qwikcilver, a Pine Labs company, and a global leader in end-to-end gifting and stored value solutions today announced the launch of the second edition of ‘The Gifting Carnival’. Kickstarting in two phases, the first phase has already commenced from 1 August and will last till 8 August for Raksha Bandhan and the second phase will see Independence Day/week sales starting from 9th – 30th August.
Pine Labs president – gift, prepaid and stored value Kumar Sudarsan said “Covid2019 pandemic this year has channelled a new socio-economic environment which in turn is accelerating the growth of digital gifting The gift card acts as a powerful tool for retailers with strong omni-channel presence to sustain their loyal customer base during these testing times. Besides, shift in consumer behaviour and increase in acceptance of digital gifting will add a new dimension to the festival season in the country this year when many are opting out of traveling yet want to make their loved ones feel special.”
The Gifting Carnival showcases the best of brands across categories for the consumers to gift to their siblings during Raksha Bandhan; with a unique platform to engage with consumers about their e-gift cards, and exclusive offers through their website, e-commerce stores, social media and on www.woohoo.in/tgc-rakshabandhan.
The Gifting Carnival has multiple phases, covering key festivals & gifting occasions with Raksha Bandhan, Dussehra & Diwali. For more details, please click here – www.qwikcilver.com/the-gifting-carnival
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.
