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 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 29 states and 7 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/
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