HOME > BUSINESS > Yes Bank gets IFSC Banking Unit license from RBI

Yes Bank gets IFSC Banking Unit license from RBI

yes-bank YES Bank, India’s 5th largest private sector Bank, received approval from the Reserve Bank of India to set up International Financial Services Centre Banking Units (IBUs) in Gujarat International Finance Tec City (GIFT).

“Establishing the IBU will propel YES BANK’s growth plans further by providing it access to International financial markets, as well as provide a comprehensive product suite to its corporate clients requiring Foreign Currency (FCY) funding,” the bank said.

The license will also allow YES BANK to raise FCY funding through MTNs & other routes as appropriate, the bank said.

Reserve Bank of India on had issued regulations relating to setting up International Financial Services Centres (IFSC) in March.

“This is a significant development in the overall augmentation of YES BANK’s business model and will help in further diversification and expansion of cross border asset products as well as widen the scope and depth of our liabilities base,” said Rana Kapoor, Managing Director & CEO, YES BANK.

The opening of an IBU will also boost YES BANK’s Cross Border Trade offerings, External Commercial Borrowings, Foreign Currency syndications and offshore M&A, funding business additionally.

YES BANK has already made preliminary efforts towards identifying premises for commencing operations at GIFT City.

YES BANK had recently opened its First International Representative office in Abu Dhabi, UAE in April 2015.

Follow ULTRA.news
NPA crisis: We’re not out of the woods yet – SBI official A senior State Bank of India official warned against assuming that the bad loan malaise affecting the Indian banking sector has started declining.Praveen Kumar Gupta, MD in charge of retail and digital banking, said one cannot directly draw conclusions by extrapolating trend...
Exchanges seek clarification from Bharti Airtel on Aadhaar misuse charges Stock exchanges in India have sought a clarification from India's largest telecom company by revenue, Bharti Airtel, on a report that it was under investigation by a government agency for allegedly misusing customer data to open bank accounts in their names."(The) exchange ha...
Infosys launches inter-bank blockchain network Infosys said it launched Finacle Trade Connect, a network-based system of distributed record keeping for banks based on the block chain technology.A blockchain-based record is open to all participants and all participants have a copy of all the data. Moreover, all transactio...
Yes Bank raises Rs 2,600 cr from banks in Japan, Taiwan India's fifth largest private sector bank Yes Bank said it is raising $400 Mn -- about Rs 2,600 cr -- through two five-year syndicated loans from banks in Taiwan and Japan.It will raise $250 Mn from Taiwanese banks and 16.5 Bn Yen -- about $150 Mn -- from Japan."YES BANK ...
Yes Bank signs distribution agreement for Reliance General Insurance products Reliance Capital said its subsidiary Reliance General Insurance Company signed an agreement with YES BANK to distribute general insurance products to the customers of YES BANK.YES BANK is India’s 5 th largest private sector Bank with a network of 1040 branches across and will...
IDBI Bank losses narrow, NII rises 18% QoQ IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter.Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 ba...
AU Small Finance Bank NII up 12% in Q2 AU Small Finance Bank reported net interest income of Rs. 220 crore in the second quarter ended September, up 12% on year.Total Income was Rs 508 crore, up 41% and PAT was Rs 68 crore for Q2FY18 as against Rs 62 crore in Q1FY18."Q2 was the first full quarter of operati...
SIDBI and AU SFB to jointly lend to small businesses AU Small Finance Bank and Small Industries Development Bank of India (SIDBI) entered into an agreement to jointly lend to small businesses.Both will earmark a corpus of Rs 100 crore for lending under the ‘AU SIDBI Joint Financing Programme’ for FY18.The program will targ...
Ramco wins multi-million managed services deal from British MNC Bank Cloud-based enterprise software provider Ramco Systems said it won a multi-million dollar order from a big British MNC financial group to provide managed payroll services.Ramco will help the company, part of the FTSE 100 index, to consolidate its payroll operations in 14 co...
MobiKwik creates wallet app for bank even as rivals focus on payments bank Wallet app provider MobiKwik announced a tie-up with IndusInd under which it has launched an app exclusively for the bank's 10 mln customers.The move is in line with the app company's strategy to be a partner and solutions provider to traditional financial services companies...
XL Catlin to buy 20% of Mahindra Insurance Brokers Mahindra Finance said global insurance major XL Group will take a 20% stake in its subsidiary Mahindra Insurance Brokers Ltd, including the 15% currently held by LeapFrog Financial Inclusion Fund."XL Group will help support MIBL’s endeavours to increase insurance awareness a...
RBI fines Religare Finvest Rs 20 lakh The Reserve Bank of India has imposed a monetary penalty of ₹20 lakh on Religare Finvest for the failure to comply with the directions/orders issued by RBI on an assignment transaction."An inspection of the company was conducted under section 45N of the RBI Act, 1934 during ...
Nucleus Software wins loan software order from Finova Capital NBFC Nucleus Software, which provides IT solutions for financial services companies, said its loan management solution has been selected by Finova Capital, a Jaipur-based Non-Banking Financial Company (NBFC) to digitise its lending business.Founded in 2015, Finova Capital offers ...
Piramal Enterprises enters the retail housing finance business Piramal Finance Limited (PFL) has entered the retail housing finance business.It is part of $1.3 bln Piramal Enterprises, one of India’s large diversified companies, with presence in pharmaceuticals, and financial services.The housing finance venture has been floated thro...
IndusInd Bank enters merger talks with SKS Microfinance Bharat Financial Inclusion, formerly known as SKS Microfinance, said it has entered into exclusive discussion with IndusInd Bank on a potential "strategic combination by way of amalgamation through a scheme of arrangement, or any other suitable structure."SKS Microfinance is...
Paypal to invest in and support five more Indian start-ups Online payment company PayPal has selected five startups – Finbox, Neoeyed, Paymatrix, Scalend and Tybo - for inclusion into its incubator program in Chennai.The program offers startups technology counsel and mentorship, infrastructure support and networking opportunities w...
UPDATE: 99% of demonetized currency returned to govt Eight months on, the Reserve Bank of India is yet to finish verifying and counting the 500- and 1000-rupee notes surrendered by the public between Nov 8 and Dec 30, 2016, the finance ministry said in a statement on Aug 11.UPDATE: About ten days after this article was publishe...
SBI, IOB and Corp Bank only PSBs to charge for mobile NEFT Only three public sector banks -- State Bank of India, Indian Overseas Bank and Corporation Bank -- levy charges on even the smallest money transfer done via mobile phones using the National Electronic Fund Transfer or NEFT facility, data compiled from public sector banks show. ...
Yes Bank launches impulse buying app ‘Tap To Shop’ Trying to differentiate itself from regular ecommerce websites and apps, Yes Bank has launched an impulse buying app known as Tap To Shop.Unlike regular online shopping apps, Tap To Shop will be focused exclusively on delivering deals that are not available at most times. The...
SBI raises Rs 15,000 cr in India’s largest QIP State Bank of India said it raised Rs 15,000 cr by selling its shares in a 'qualified institutional placement' or QIP, making it the largest such transaction in Indian share market history.QIP's usually involve selling shares exclusively to big institutions such as mutual fun...