Yes Bank on Wednesday announced that the Reserve Bank of India (RBI) has approved amendments to its Articles of Association (AoA) relating to the appointment of nominee directors on the board.

Under the revised framework, Sumitomo Mitsui Banking Corporation (SMBC) will nominate two directors, while State Bank of India (SBI) will nominate one director.

The new board composition will come into effect once Japan-based SMBC acquires the stakes currently held by SBI and seven other banks in Yes Bank.