MAM
ZebPay elevates Raj Karkara to chief operating officer
Mumbai: Bitcoin and crypto asset exchange platform ZebPay has elevated Raj Karkara to the role of chief operating officer (COO). He will work closely with ZebPay’s co-CEO Avinash Shekhar, in setting and driving organisational vision, operational strategy, performance management and hiring needs.
Karkara’s primary responsibility will be to develop actionable business strategies and plans that align with the company’s short-term and long-term objectives. Additionally, he will work towards translating the strategy into executable goals for performance and further growth of ZebPay, said the company in a statement on Wednesday.
“Raj has strengthened ZebPay’s presence and business in the crypto ecosystem since he joined us over a year ago. With his extensive expertise, ZebPay will see rapid growth and global expansion to achieve our vision of becoming become the #1 cryptocurrency exchange in India and the world,” stated Shekhar. “We are building ZebPay as an all-encompassing crypto company that offers innovative solutions and products to a diverse set of investors, from retail to institutional.”
He joined ZebPay as chief business officer in September 2020 and more recently, had been promoted to the role of chief marketing officer. With this role change, in addition to marketing, Karkara will now directly oversee product management, trade, OTC, global growth and operations (customer service and excellence).
Karkara comes with over 15 years of experience in the financial services, fintech and e-commerce industries. Previously, he was associated with KansoStrategy as co-founder, a boutique strategy and consulting firm that works with crypto, e-commerce, payments and fintech clients globally. Prior to Kanso, he held various positions such as senior vice president of product, CRO and COO at tZERO, the global leader in digital securities. He also held the role of vice president of product management for financial services, loyalty and new business development at Overstock. Prior to Overstock, he held the role of director, global product and solutions at MasterCard, where his responsibilities included prepaid strategy and mobile money.
“ZebPay has been innovating and launching new and industry-first products to address the needs of a diverse set of customers ever since its inception in 2014 and I am excited to lead ZebPay as it gears up for further expansion,” said Karkara, on his new role. “Crypto is booming in India with vast untapped potential for solutions that will make us a global leader. ZebPay is well-positioned to play an integral part and I am looking forward to driving strategies and building on our foundation of product and customer excellence to be the leading crypto exchange in India and globally.”
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.
