Mumbai, June 13, 2016: The Reserve Bank of India (RBI) on June 10, 2016 has notified increase in YES Bank’s Foreign Institutional Investors (FIIs) / Registered Foreign Portfolio Investors (RFPIs) limit to 74% from existing 60% under the Portfolio Investment Scheme (PIS).
This is on the back of
1. Recent approval granted by the Cabinet Committee of Economic Affairs (CCEA) / Foreign Investment Promotion Board (FIPB) to increase YES Bank's total foreign ownership limit to 74% (May 25, 2016).
2. Deregulation of FDI Policy to allow fungibility across FDI/FII/FPI limits.
With this, YES BANK has become FIRST Bank in India to have an operational fully fungible composite foreign ownership limit of 74%.
YES BANK has obtained enabling approval from its Board of Directors to raise an additional USD 1 Billion of Equity Capital which was also approved by the shareholders at the recently held 12th AGM of YES BANK on June 7, 2016.
Link to RBI Press release is: https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=37199
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/