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Private sector lender YES Bank on Tuesday announced that its Board has approved to enter into the mutual fund business.
“We will enter as an Asset management Company (AMC) in the next 12 months in the business of mutual fund to augment our retail offering,” said Rana Kapoor, Managing Director and Chief Executive Officer, YES Bank.
After the approval today, the bank will now apply for regulatory licence from the Securities Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).
Last month, the bank had received a retail equities broking licence from the RBI, for which it expects to launch operations during 2013-14 fiscal year.
“Selling and cross-selling will be our foray and we will be better distributor than a manufacturer,” Kapoor said as he announced the bank’s second quarter results on Tuesday.
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