Brands
RBI approves Vinay Muralidhar Tonse’s appointment as Yes Bank’s MD & CEO
MUMBAI: Yes Bank has lined up its next leader. The Reserve Bank of India on February 4 approved Vinay Muralidhar Tonse as managing director and chief executive officer, setting the stage for a planned handover at the private lender as it steadies its post-crisis rebuild.
The approval, disclosed in a regulatory filing, is subject to shareholder clearance. Prashant Kumar, the incumbent md and ceo, will continue through his extended term, ensuring continuity while the bank prepares for transition.
Tonse arrives with a long retail-banking pedigree. Until November 30, 2025, he served as md (retail business and operations) at State Bank of India, where he built deep experience in retail lending, distribution and operations—areas crucial for Yes Bank’s growth ambitions. The bank underscored his operational depth and confirmed he is not debarred by Sebi or any authority.
The timing is notable. Yes Bank has spent the past few years repairing its balance sheet, rebuilding trust and sharpening governance after its 2020 rescue. Kumar, first appointed in March 2020 during the reconstruction, has been central to that clean-up. Reappointed in October 2022 and again in 2025, he has overseen a shift towards a more “re-energised, recapitalised and recalibrated” bank.
Kumar’s own SBI career spanned 34 years across credit, finance, HR and operations, from probationary officer in 1983 to senior leadership roles including deputy md and chief financial officer. His tenure at Yes Bank stabilised the ship; Tonse’s task will be to accelerate the voyage.
For a bank once defined by crisis, the narrative is now about succession and scale. The regulator has spoken, the board has moved and the market will watch the next chapter closely. In Indian banking, turnarounds win headlines—but durable growth wins the story.
Brands
Devyani International Ltd plans three-subsidiary merger to streamline operations
QSR operator moves to streamline structure and unlock operational synergies
Devyani International is tightening its corporate kitchen. The quick-service restaurant operator has approved a scheme to merge three subsidiaries—Sky Gate Hospitality, Blackvelvet Hospitality and Say Chefs Eatery—into the parent company in a bid to simplify its structure and sharpen operational efficiency.
The decision was cleared at a board meeting on March 10 and disclosed in a regulatory filing to the stock exchanges. The merger will take effect from April 1, 2025, subject to statutory approvals.
All three transferor companies are direct or indirect wholly owned subsidiaries, meaning no fresh shares will be issued and the shareholding pattern of Devyani International will remain unchanged once the scheme is completed.
The subsidiaries together operate more than 100 outlets—including dine-in restaurants and cloud kitchens, spread across over 40 cities such as Delhi NCR, Mumbai, Kolkata and Bengaluru.
Devyani International, the largest franchisee of Yum Brands in India, said the consolidation is aimed at generating operational synergies, optimising resource utilisation and reducing layers within the corporate structure.
Financially, the move brings together businesses of varying scale. As of March 31, 2025, Devyani International reported a net worth of Rs 10,381.02 million and turnover of Rs 33,493.33 million. Sky Gate Hospitality posted a net worth of Rs 761.14 million with turnover of Rs 2,657.57 million, while Blackvelvet Hospitality and Say Chefs Eatery reported smaller operations and negative net worth.
The merger will consolidate these operations under a single corporate umbrella as the company sharpens its focus on scale and efficiency.
Devyani International currently runs more than 2,000 outlets across over 280 cities in India, Nigeria, Nepal and Thailand. Its portfolio includes franchise rights for brands such as Pizza Hut, KFC, Costa Coffee, Tea Live, New York Fries and Sanook Kitchen, alongside its own food brands.
With the paperwork underway and approvals pending, Devyani is essentially clearing the corporate clutter—turning three subsidiaries into one tighter, leaner operation. In the QSR world, even the back office needs a spring clean.
