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Thermocool wins Uttar Pradesh Gaurav Award in Ghaziabad
GHAZIABAD: Thermocool Home Appliances Ltd. has added another feather to its cap, receiving the Gaurav Award from the Government of Uttar Pradesh at a ceremony in Ghaziabad. The recognition celebrates the company’s steady rise, industry contribution and consistent pursuit of quality in the home appliances space.
The award was presented by Narendra Kashyap, Minister of State (Independent Charge) for Backward Classes and Empowerment of Persons with Disabilities, Government of Uttar Pradesh. The ceremony was attended by MLA Sanjeev Sharma, Loni MLA Nand Kishor Gurjar, MLA Manju Shivach and district magistrate Ravindra Kumar Mandar (IAS).
Accepting the honour, Rajeev Kumar Gupta, founder and chairman and managing director of Thermocool Home Appliances Ltd., struck a note of gratitude and teamwork. He said the award belonged as much to the organisation’s employees as to its leadership, calling it a salute to the integrity, commitment and passion that have shaped Thermocool’s journey.
The occasion was further enriched by the presence and blessings of Sanjeev Kumar Gupta, a long-standing mentor to the company. The Thermocool family also expressed its appreciation to the chief minister of Uttar Pradesh Yogi Adityanath, for the encouragement and recognition.
With innovation at its core and quality as its calling card, Thermocool Home Appliances Ltd. continues to build products for Indian homes while contributing to industrial growth and job creation across Uttar Pradesh. A local honour, perhaps, but one with a ripple effect far beyond the stage.
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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.
