YES Bank gets Sebi approval to start AMC biz

YES Bank has got in-principle approval from markets regulator Securities and Exchange board of India (Sebi) to start an asset management company (AMC) and mutual fund business. Last year, the lender had received the clearance from the Reserve Bank of India for this business.

The management said though they would look at growing this business organically but if they come across "a good business with good management" then they will look at it.

"We are looking at launching the AMC business by the start of next financial year. And we will be launching our credit card business next week," MD & CEO Rana Kapoor said.