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RBI’s system overhaul gets Central Banking’s digital transformation award
MUMBAI: The Reserve Bank of India (RBI), India’s central bank, has scored a double whammy at the Central Banking the global authority for central bank information and news 2025 Awards. The publication awarded two of its digital transformation initiatives – Sarthi (charioteer) and Pravaah (smooth flow) in the digital transformation category on 13 March.
The RBI had brought in these systems to substitute mind-numbing paper-pushing processes which had plagued it, replacing them with sleek digital workflows.
The Sarthi system, which went live in January 2023, has turned the RBI’s internal workings into a well-oiled machine,
Staff can now store and share documents securely without the load of managing paper files.
Tasks previously requiring manual handling now flow through digital channels.
Managers can keep tabs on work progress without breathing down employees’ necks.
Replaces the hodgepodge of systems previously used across 40 plus offices and 13,500 staff.
Meanwhile, Pravaah, launched in May 2024, allows external users to submit regulatory applications electronically a proper game-changer that,
Digitised 70 plus regulatory applications across nine RBI departments.
Boosted application submissions by a whopping 80 per cent monthly.
Created transparency with dashboards showing application status.
Linked seamlessly with Sarthi for end-to-end digital processing.
The digtisation has yielded impressive results. Sarthi now has over 10,000 active users with up to 5,000 logging in daily, while Pravaah processed more than 2,000 applications between May and December 2024.
The digital makeover has turned the 90-year-old paper-pushing behemoth into a tech-savvy operation. Staff who once shuffled papers are now happily clicking away, supported by ‘Sarthi Pathshala’ (school) for training and ‘Sarthi Mitras’ (friends) who help colleagues navigate the brave new digital world.
With enhanced cyber security monitoring, improved collaboration, and the promise of future innovations including cloud computing, the RBI has proven you can teach an old dog new tricks and rather splendidly at that.
Prime minister Narendra Modi applauded the win by India’s central bank by posting on X, “A commendable accomplishment, reflecting an emphasis towards innovation and efficiency in governance.”
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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.
