Mumbai: Private sector lender Yes Bank on Wednesday said that it has received the final regulatory approval from the Securities and Exchange Board of India (SEBI) to commence its mutual fund business.
According to the lender, the Reserve Bank of India (RBI) had earlier granted approval to Yes Bank to sponsor a mutual fund followed by SEBI's in-principle nod which was received subsequently.
Commenting on the development, Rana Kapoor, Managing Director and CEO of Yes Bank said: "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 channelise their assets in equity and debt capital markets."
"This strategic initiative will further complement Yes Bank's retail liabilities and wealth management strategy, and also allow YAMIL to build on the Bank's 'DIGICAL' distribution network to provide customers a seamless investment and banking experience."(IANS)