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July 15 2015

YES Bank to open Banking Units in GIFT City

YES Bank has got the legalauthorization from RBI to operate its IFSC Banking Units in GIFTCity.IFSC Banking Unit(IBU) will support in the growth and expansion of YES Bank additionallyand it would be very helpful inproviding the way to international financial markets as well as provide a complete foreign currency financial supportto its customers.

Having obtained this approval, bank will also be allowed to increase the foreign currency funding through MTNs (medium term notes) and through other apt ways, according to an announcement by top officials.


“This will increase the expansion of our quality productsat a large extent as well as strength of our legalresponsibilities. These Upcoming Banking units will surely enhance the cross-border funding business of YES Bank”, said Rana Kapoor, Managing Director and CEO.

YES BANK has already initiated the plan and taken preliminary efforts towards identifying premises for starting operations at GIFT City.The Bank had recently in April 2015 opened its 1stInternational Representative office in Abu Dhabi, UAE.

 

 

 

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