Private lender YES Bank has received the final nod from the Securities & Exchange Board of India (Sebi) for the approval to initiate mutual fund business.
The approval is followed by the approval of banking regulatory authority Reserve Bank of India’s (RBI) nod.
A wholly owned subsidiary of YES Bank, YES Asset Management (India) will offer fund services across the spectrum in debt and as well as equity markets over the next 6-12 months.
“YES Asset Management (India) Limited (‘YAMIL’) will leverage YES BANK’s knowledge banking expertise and relationship capital across retail, corporate and institutional investors to effectively channelize their assets in equity and debt capital markets,” said Rana Kapoor, Managing Director and CEO of YES Bank.
According to Kapoor, this initiative will boost YES Bank’s retail liabilities and wealth management further and will also enable YAMIL to build on the Bank’s ‘DIGICAL’ distribution network to ensure a hasslefree Investment and Banking experience for the customers.
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