Brands
YesMadam cuts down its commission rates to eight per cent
Mumbai: YesMadam has announced the reduction in commission for its frontliners, i.e., service partners. A promise that they made on national TV that the goal is to charge zero commission – saw the progress with commission down to eight per cent from 15 per cent within just four months of featuring on Shark Tank.
YesMadam currently offers different partnership programs to its partners, such as standard (20 per cent), gold (15 per cent) & diamond (12 per cent) with lower commissions, and extra benefits. However, their new flagship program, Platinum Partners, is all ready to revolutionize the industry with lowest commission ever witnessed at 8 per cent (by far the industry lowest) as compared to other large to small-sized home salons. Going an extra mile for their service partners, this program will bring all the advances of financial stability, increasing customer satisfaction, and improving the service quality.
YesMadam co-founder Mayank Arya said, “This is a big moment for us and our partners. This fast-moving economy comes with inflation, and the frontliners are amongst the first set of people to take the heat of it. By setting a standard in the industry, we want to encourage other aggregators to come out and support the initiative for the people who are out in rain, cold & heat, and still boast a broad smile on their face. We are moving towards commission free model soon, while we keep the profitability status intact for all our stakeholders.”
Adding to this initiative, YesMadam co-founder Akanksha Vishnoi said, “It is always a pleasure to see today’s women paving their own path and to be able to empower so many happy faces while adding to their success is a bliss in its own. The way we look at it is not just the joy of growing and excelling but appreciating the contributions and intent by giving back to the ever-evolving trusted community that is a constant part, above and beyond.”
Founded in 2016 by Aditya & Mayank Arya, YesMadam has seen exceptional growth with a 250 per cent increase in revenue, while serving 50 plus cities in India. With workforce of 250 employees in Delhi-NCR, Mumbai, Pune, Hyderabad, and Bengaluru, the home salon startup got a four shark deal amounting to 1.5 crore and praises from the future headed industry leaders aka Shark Tank judges.
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.
