Private lender YES Bank on Wednesday said that it has received final regulatory approval from the Securities Exchange Board of India (Sebi) to start mutual fund business.This approval is subsequent to the Reserve Bank of India's (RBI) approval, it added.YES Asset Management (India), a wholly owned subsidiary of YES Bank, will launch fund offerings across the spectrum in both debt and equity markets over the next 6-12 months.Rana Kapoor, Managing Director and CEO of YES Bank said: "YES Asset Management (India) Limited ('YAMIL') will leverage YES BANK's knowledge banking expertise and relationship capital across retail, corporate and institutional investors to effectively channelize their assets in equity and debt capital markets.
This strategic initiative will further complement YES Bank's retail liabilities and wealth management strategy, and also allow YAMIL to build on the Bank's 'DIGICAL' distribution network to provide customers a seamless Investment and Banking experience.