YES Bank gets RBI nod for MF, AMC, trustee firm

Private lender YES Bank on Monday said it had got the central bank's approval to set up a mutual fund, asset management company (AMC), and a trustee company.

In a regulatory filing, YES Bank also said it "has received an approval from the central bank to sponsor a mutual fund, and to set up an asset management company and a trustee company." It further says: "In its twelfth year of operation, as YES Bank accelerates into its next phase of growth, this new business initiative will provide further acceleration to our differentiated product offerings." Asset management companies and trustee companies will be wholly owned subsidiaries of YES Bank, it added.

The lender said its AMC would channelise savings of retail and institutional investors in equity and debt capital markets.

"This will complement YES Bank's retail liabilities strategy and also allow the AMC to leverage the bank's distribution network for customer acquisition," it added.

Shares of YES Bank were trading at Rs 731, up 0.8 per cent from the previous close on the BSE.