Late in the evening of March 5, Prashant Kumar took an unexpected call from his boss at State Bank of India. He was offered the job of rescuing the country’s most troubled private-sector bank, and — if he accepted — told to report for work at 8 a.m. the following morning.
“The first thing that came to my mind was where was the address,” he recalled. “I had to Google it.”
Kumar had little hesitation in accepting the position of chief executive officer of Yes Bank Ltd., the lender that was teetering on the edge of insolvency before being bailed out that month at a cost of $1.3 billion. The only concern came from his wife, who Kumar says was “shocked” that he had resigned from his safe post at the government-controlled SBI, where he was chief financial officer.
Another failure of