Mumbai, May 02, 2016: The Reserve Bank of India (RBI) on April 29, 2016 has notified increase in YES Bank’s Foreign Institutional Investors (FIIs) / Registered Foreign Portfolio Investors (RFPIs) limit to 60% from existing 49% under the Portfolio Investment Scheme (PIS). The RBI has further notified that the total foreign investment from all sources, i.e. Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Foreign Direct Investment (FDI) / FIIs / RFPIs / Non-Resident Indians (NRIs) / Persons of Indian Origin (PIO) in the Bank shall not exceed 60%.
YES Bank had approached the RBI for notifying the above increase basis the following:
- Approval granted to YES Bank by the Foreign Investment Promotion Board (FIPB) to increase Total Foreign Ownership Limit to 60% in July 2013.
- Subsequent liberalization of FDI / FII fungibility norms issued by the Government of India.
- Supporting Board of Directors and Shareholders approvals for increasing the FII / RPFI limits.
Separately, YES Bank has also made an application to the FIPB for increasing the total foreign ownership limit to 74%, with full fungibility for investments by FIIs / RFPIs under the PIS. FIPB, vide its meeting dated March 07, 2016, has recommended this proposal to the Cabinet Committee of Economic Affairs (CCEA) for approval.
About YES BANK
YES BANK, India’s fourth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “BUILDING INDIA’s FINEST QUALITY LARGE BANK”.
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