Indian private sector lender Yes Bank has received approval from the Reserve Bank of India (RBI) to sponsor a mutual fund as well as to set up an asset management company (AMC) and a trustee company.
The AMC and the trust company will be established as wholly owned subsidiaries of the bank.
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The bank said that the AMC will channelize savings of retail and institutional investors in equity and debt capital markets.
The bank will now seek approval from the capital markets regulator Securities and Exchange Board of India for the mutual fund.
The AMC will now be able to grow its investment advisory and wealth management solutions and also beef up its capital market strengths.
Yes Bank is now in the process of seeking approval from Securities and Exchange Board of India (SEBI) for the mutual fund.
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By GlobalData"This will complement Yes bank’s retail liabilities strategy, and also allow the AMC to leverage the bank’s distribution network for customer acquisition, and provide customers a seamless digital experience for their investments and savings solutions," the bank said in a statement.
"In its 12th year of operations, as Yes bank accelerates into its next phase of growth, this new business initiative will provide further acceleration to the bank’s differentiated product offerings to its customers," the company added.
The bank has more than 650 branches and around 1200 ATMs across the country.
