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Yes Bank

BSE: 532648|NSE: YESBANK|ISIN: INE528G01027|SECTOR: Banks - Private Sector
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Company History - Yes Bank
Yes Bank was incorporated as a Public Limited Company on November 21,
 2003. Subsequently, on December 11, 2003, RBI was informed of the
 participation of three private equity investors namely {Citicorp
 International Finance Corporation, ChrysCapital II, LLC and AIF
 Capital
 Inc.), to achieve the financial closure of the Bank. RBI by their
 letter dated February 26, 2004 provided their no-objection to the
 participation of the three private equity investors namely Citicorp
 International Finance Corporation, ChrysCapital II, LLC and AIF
 Capital
 Inc. in the equity of the Bank at 10%, 7,5% and 7.5%, respectively,
 and
 also advised the Bank to infuse a sum of Rs. 2000 million as the
 paid
 up capital. Additionally, the RBI advised the Bank to submit an
 application for final approval after completion of all formalities
 for
 incorporation as a banking company and setting out the capital
 structure of the Bank as approved by RBI.
 
 RBI by their letter dated December 29,2003 decided to further
 extending
 `In Principle' approval for a period up to February 29, 2004 to
 allow
 the Bank to complete all financial arrangements.
 
 Yes Bank obtained its certificate of Commencement of Business on
 January 21, 2004. Subsequently, in March 2004, the Bank achieved the
 mobilization of the initial minimum paid up capital of Rs. 2,000
 million. Further, the Promoters by their letter dated March 29, 2004
 made a final application for a banking licence under Section 22 (1)
 of
 the Banking Regulation Act, 1949 providing complete details of the
 capital structure, the composition of Board of Directors, the
 proposed
 human resources, information technology, premises and legal-policies
 and the business and financial plan of the Bank.
 
 RBI by their letter dated May 24, 2004, under Section 22 (1) of the
 Banking Regulation Act, 1949, granted us the licence to commence
 banking operations in India on certain terms and conditions including
 a
 term that 49.0% of our pre-Issue share capital held by the Promoters
 (domestic and foreign) was to be locked-in for five years from the
 licensing of the Bank, being May 24,2004. In our case, this 49.0%
 has
 been met by locking-in Equity Shares representing 29.0% of the share
 capital held by Mr.  Rana Kapoor and Mr. Ashok Kapur and Equity
 Shares
 representing 20.0% of the share capital held by Rabobank
 International
 Holding. See Note 2 in the section titled Capital Structure-Promoter
 Contribution and Lock-In on page 13 of this Red Herring Prospectus.
 Further, the terms of the banking license granted to us by RBI
 require
 that the promoter holding in excess of 49%, shall be diluted after
 one
 year of the Bank's operation. It is also stipulated that the paid up
 capital (which currently stands at 2,000 million) must be raised to
 Rs. 3,000 million within three years of commencement of business.
 
 Further, by their letter dated September 2, 2004, RBI included the
 Bank
 in the Second Schedule of the RBI Act, 1934 with effect from August
 21,
 2004 and a corresponding notification was published in the Official
 Gazette of India (PART III-Section 4) on August 16, 2004.
 
 Share Subscription
 
 The Promoters, the Promoter Group Companies and Rabobank
 International
 Holding executed a Share Subscription Agreement dated November 5,
 2003,
 (the SSA), whereby they agreed to subscribe to the Equity Shares
 along with the Private Equity Investors (with whom a separate
 agreement
 was to be executed).
 
 Under the terms of the SSA, the Promoters have represented that a
 substantial part of the consideration received by them from the sale
 of
 their shares in Rabo India would be applied towards the subscription
 of
 the Equity Shares. Further, in terms of the SSA, the Promoters have
 also represented not to transfer their shareholding in Mags or
 Morgan,
 respectively, until the loans taken by Mags and Morgan from Rabobank
 International Holding for the purpose of the purchase of the Equity
 Shares have been repaid.
 
 The SSA provides that we shall have a Board consisting of a minimum
 of
 three and a maximum of 15 directors. So long as any of the parties
 to
 the SSA hold at least 10.0% of the equity share capital, the
 Promoters
 and Doit, as shareholders, have the fight to nominate three
 independent
 directors on the Board, in addition to Mr. Ashok Kapur being the
 non-executive Chairman of the Bank and Mr. Rana Kapoor being the
 Managing Director and Chief Executive Officer of the Bank. Rabobank
 International Holding also has the right to nominate one
 non-rotational
 director on the Board, The SSA provides that the Promoters and Doit,
 and Rabobank International Holding, are not permitted to transfer
 their
 locked-in shareholding in the Bank for a period of five years from
 March
 10, 2004. Under the terms of the SSA, locked-in shares refer to
 40 million Equity Shares.
 
 Foreign Currency Loans
 
 The subscription of the Equity Shares by Mags and Morgan was
 financed
 through a loan of Rs. 170 million availed by each of the companies
 from
 Rabobank International Holding, which is documented through Dollar
 Loan
 Agreements between (i) Rabobank International Holding, Mags and Mr.
 Ashok Kapur and (ii) Rabobank International Holding, Mr. Rana Kapoor
 and Morgan, both dated November 5, 2003.
 
 In terms of these agreements, Rabobank International Holding has
 granted a loan of Rs. 170 million each to Mags and Morgan, to be
 utilised for subscribing to the 17 million Equity Shares of the Bank
 as
 provided in the SSA.This loan has to be repaid within three years of
 the disbursement of the loan amounts. These loans were disbursed on
 March 10, 2004. The SSA states that the loans to Mags and Morgan by
 Rabobank International Holdings are to be at an interest rate of nil
 (0%).
 
 Mags and Morgan, as security for the loan amount, have each executed
 demand promissory notes in favour of Rabobank International Holding.
 Further, the Promoters executed personal guarantees and demand
 promissory notes as security for loans to Mags and Morgan.
 
 The aforesaid loan agreements provide that the Promoters shall not
 dispose of their shareholding in Mags and Morgan, respectively,
 during
 the tenure of the loan. Further, Mags and Morgan have undertaken
 that
 they shall not dispose of the Equity Shares during the tenure of the
 loan. The Promoters, along with Mags and Morgan, have agreed that
 they
 shall cause us to issue such share certificates in .respect of
 Equity
 Shares to Mags and Morgan that state that the transfer of the shares
 without the consent of Rabobank International Holding will be
 invalid.
 In the event that the Equity Shares are held in dematerialised form,
 it
 is required that an agreement giving effect to this clause is
 entered
 into with the concerned depository.
 
 In the event of a default under the aforesaid agreements, Rabobank
 International Holding has a right to purchase such number of shares
 that are obtained by dividing the outstanding amount under the
 agreements by the fair-market value of the shares as on the date of
 such breach that are held by Mr. Ashok Kapur in Mags and Mr. Rana
 Kapoor in Morgan, respectively, at nil consideration. In addition,
 as
 consideration for the amounts due under the loan agreement, in the
 event of a default under the aforesaid loan agreements, Rabobank
 International Holding also has the right to purchase the Equity
 Shares
 held by Mags and Morgan, with the number of Equity Shares being
 determined according to the fair market value.
 
 The shareholders of Mags and Morgan have executed separate Promoter
 Support Agreements dated November 5, 2003 with Rabobank
 International
 Holding to govern their relationship with Rabobank International
 Holding, whereby Mags and Morgan have authorised Mr. Ashok Kapur and
 Mr. Rana Kapoor, respectively, to enter into and execute the above
 mentioned loan agreements on their behalf. They have also undertaken
 to
 ensure, that by exercise of their voting rights as shareholders of
 Mags
 and Morgan, all obligations of Mags, Morgan, Mr. Ashok Kapur and Mr.
 Rana Kapoor under the aforesaid loan agreements shall be fulfilled.
 For
 details of the shareholders of Doit see the section titled Our
 Promoters on page 98 of this Red Herring Prospectus. For details of
 the shareholders of Mags and Morgan see the section titled Our
 Promoters-Companies Promoted by the Promoter Group on page 98 of
 this
 Red Herring Prospectus.
 
 In response to correspondence from the Bank, providing details of
 the
 loan agreements, RBI through its letter dated August 6, 2003
 permitted
 the loans and advised that the loans availed from Rabobank
 International Holding should not be secured against the shares of
 the
 Company. Subsequently, the Bank had by its letter dated March 5,
 2004,
 intimated RBI of the draw down of the loans in accordance with the
 terms of the RBI letter dated August 6, 2003.
 
 RBI by its letter dated May 22, 2004 advised that the loan
 agreements
 be filed with the RBI. The RBI also advised that these loans should
 have a minimum average maturity of 3 years and that Mags and Morgan
 would be required to submit monthly returns to RBI.
 
 The loan agreements have been filed with the RBI and the RBI has
 through letters dated June 23, 2004 and June 24, 2004, allotted loan
 registration numbers to these loan agreements.
 
 Further, the RBI license dated May 24, 2004 stated that the
 promoters
 should abide with the conditions governing the loan as stated by the
 RBI in their above mentioned letters.
 
 Mags and Morgan have been regularly submitting the requisite returns
 to
 RBI in compliance with the requirements of the RBI letter dated May
 22,
 2004.
 
 Investment by the Private Equity Investors
 
 Pursuant to the SSA, our Promoters, entered into a Master Investment
 Agreement dated November 25, 2003 with Mags, Morgan, Doit, and the
 Private Equity Investors, (the MIA), pursuant to which the Private
 Equity Investors agreed to subscribe to their Equity Shares,
 simultaneous to the subscription by our Promoters, and the Promoter
 Group Companies to their Equity Shares. Additionally, Mr. Ashok
 Kapur and Doit are permitted to transfer shareholding representing up
 to
 1.5% to key management personnel of the Bank.
 
 In terms of the MIA, post the allotment of Equity Shares to our
 Promoters, our Promoter Group Companies, and the Private Equity
 Investors, we are required to allot 6 million Equity Shares
 constituting 3.0% of our equity shares capital to senior managerial
 personnel and executives of the Bank. The MIA also reiterates the
 provisions of the SSA in relation to our Board, and further provides
 that each of the Private Equity Investors shall be entitled to
 nominate
 one non-executive rotational director on the Board, who will be
 eligible for reappointment; and that within 12 months of the date of
 completion not less than half the Board is required to be comprised
 of
 independent directors. The directors nominated by the Private Equity
 Investors are also entitled to be members of any committee or
 sub-committee of the Board.
 
 The MIA provides that 21 days' notice of each Board meeting is
 required
 to be given to each Private Equity Investor, and the agenda for the
 meeting is required to be circulated 10 days prior to the meeting.
 The
 MIA lists out certain items that can be discussed only if the same
 are
 stated in the agenda to the Board meeting, such as filing for
 bankruptcy or winding up, change in capital structure, merger,
 amalgamation or consolidation, modification of the any of our
 charter
 documents, and the appointment and removal of directors. The
 presence
 of half the number of the Board, present for the entire duration of
 the
 meeting is necessary to constitute a quorum for the meeting, unless
 the
 same is with the consent of the Private Equity Investors.
 
 In terms of the MIA, all parties subscribing to the Equity Shares
 prior
 to or simultaneously with the Private Equity Investors are
 prohibited
 from transferring their Equity Shares for a period of three years
 from
 the date of completion, i.e., March 10, 2004.  However, the MIA also
 prescribes the following exceptions to the aforesaid lock-in: (i)
 where
 we suffer a loss of reputation; (ii) where the Private Equity
 Investors
 are required by law to liquidate their shareholding in us; (iii)
 where
 there is a reduction in either the period of lock-in or in the
 number
 of Equity Shares, by RBI, in relation to the five-year statutory
 lock-in imposed on the shareholding of Rabobank International
 Holding,
 the Private Equity Investors would be entitled to transfer their
 Equity
 Shares on a pro-rata basis or if there is reduction in the lock-in
 period by RBI in respect of the Equity Shares held by Rabobank
 International Holding to less than 36 months from the date of
 completion, then the restriction on the transfer of Equity Shares by
 the Private Equity Investors shall be in force for such reduced
 period
 of time; iv) where our Promoters or the Promoter Group Companies are
 required to sell their Equity Shares for the repayment of the loan
 facility availed by Mags and Morgan from Rabobank International
 Holding; (v) the sale of three million Equity Shares by our
 Promoters
 through the random order matching system of the stock exchanges
 after
 the listing of our Equity Shares, after the repayment of the loan
 facility availed by Mags and Morgan from Rabobank International
 Holding
 and (vi) the sale of 1,150,000 Equity Shares, 850,000 Equity Shares,
 850,000 Equity Shares by Citicorp, ChrysCapital and AIF Capital,
 respectively, through the random order matching system of the stock
 exchanges after the listing of the Equity Shares. Further, the
 Equity
 Shares held by the Private Equity Investors will be locked-in along
 with our entire pre-lssue equity share capital for a period of one
 year
 from the date of allotment of Equity, Shares in this Issue. See the
 section titled Promoter Contribution and Lock-in on page 13 of this
 Red Herring Prospectus.
 
 The MIA also imposes a restriction on our Promoters and the Promoter
 Group Companies prohibiting them from transferring their locked-in
 Equity Shares for a period that is the lesser of either (i) five
 years
 from the date of the MIA, i.e., up to November 25,2008, or (ii) such
 other period as may be prescribed by RBI for restricting the
 transfer
 of the Equity Shares by the Promoters.
 
 The MIA further provides that in the event of sale of the Equity
 Shares
 by our Promoters or the Promoter Group Companies to any third
 person,
 such third person would be required also to purchase the Equity
 Shares
 from the Private Equity Investors, as per the procedure prescribed
 under the MIA. Upon listing of the Equity Shares, the Promoters are
 also prohibited from selling their shareholding in us on the market
 without the prior consent of the Private Equity Investors. The MIA
 also
 prohibits for a period of five years, all inter-se transfers between
 the parties to the MIA, without the consent of all the parties.
 
 So long as the Promoters and the Promoter Group Companies hold 6.0%
 of
 our equity share capital, or during their employment with us, or for
 a
 period of six months from the date of cessation of employment with
 us,
 the MIA prohibits them from associating themselves with any business
 similar to ours. Our Promoters and the Promoter Group Companies,
 have
 under the terms of the MIA, been permitted to hold the entire share
 capital of a company proposing to provide business process
 outsourcing
 services (Other BPO Company) without being engaged in any manner in
 the running of such businesses, provided that our proposed
 subsidiary
 also intends to provide business process outsourcing services in the
 nature of a captive service, i.e., provides business process
 outsourcing services only to us. In the event that such subsidiary
 ceases to be a captive service provider, Our Promoters and the
 Promoter
 Group Companies are required to reduce their holding in the Other
 BPO
 Company to less than 25.0% and are also prohibited from being
 connected
 with the Other BPO Company in any manner.
 
 The MIA also mandates that our Bank is required to make an IPO of
 Equity Shares within 18 months from the date of completion, which
 includes listing of the Equity Shares on the Stock Exchange, Mumbai
 or
 the National Stock Exchange. However, the Bank is required to
 actively
 consult the Private Equity Investors prior to making such initial
 public offering. It is provided that the minimum IPO price shall be
 the
 higher of (i) the price at which any of the Private Equity Investors
 subscribe to the Equity Shares anytime prior to such initial public
 offering and (ii) the price at which any person purchases or
 subscribes
 to the Equity Shares prior to such initial public offering. An
 initial
 public offering at a price lower than the minimum IPO price requires
 the consent of the Private Equity Investors.
 
 The MIA seeks to protect the shareholding of the Private Equity
 Investors by providing that except in the case of an IPO by the
 Bank,
 if there is any issue of any Equity Shares, or any appreciation
 rights,
 or rights issues, or options or warrants, the Private Equity
 Investors
 would be entitled to acquire such an additional number of Equity
 Shares
 of our Bank so as to maintain/increase their current proportion,
 provided that the stake of Citicorp in our Bank may not exceed 15.0%
 and the stake of ChrysCapital and AIF Capital may not exceed 10.0%
 of
 our capital. After the IPO, Citicorp, ChrysCapital and AIF Capital
 are
 prohibited from exercising voting rights on poll in excess of 14.9%,
 10.0% and 10.0%, respectively, of the total voting rights of all the
 shareholders, without the prior written consent of the Promoters and
 the Promoter Group Companies. Further, in terms of the MIA, we have
 agreed not to establish a branch in the United States without the
 consent of the^Private Equity Investors.
 
 The MIA terminates upon the expiry of the lock-in period in relation
 to
 the Equity Shares subscribed to by the Private Equity Investors
 except
 for certain provisions in relation to the warranties and
 indemnities,
 tag along rights, governing law and notice as contained in the MIA
 that
 survive the termination of the MIA. If after the lock-in period, the
 stake of any of the Private Equity Investors in us falls below 5.0%,
 then even these residual provisions of the MIA would terminate with
 respect to such Private Equity Investor.
 
 We have executed a deed of adherence dated March 8, 2004 with the
 Promoters, the Promoter Group Companies and the Private Equity
 Investors agreeing to be bound by the terms of the MIA, in so far as
 they relate to any right, obligation or duty upon us.
 
 RBI by their letter dated February 26, 2004 has also provided their
 no-objection to the participation of the three private equity
 investors
 namely Citicorp International Finance Corporation, ChrysCapital II,
 LLC
 and AIF Capital Inc. in the equity of the Bank at 10%, 7.5% and
 7.5%,
 respectively.
 
 
 2005
 
 - Yes Bank on May 12, 2005, forays into retail banking with launch of
 International Gold and Silver debit card in partnership with
 MasterCard International.
 
 -Yes Bank has announced that it will enter the capital market with
 its initial public offer on June 15 to raise Rs 266-315 crore. The
 issue will close on June 21. Yes Bank will offer seven crore equity
 shares of Rs 10 face value through a 100 per cent book building
 route. The price band for the shares has been fixed at Rs 38-45.
 
 -Yes Bank initial public offer oversold 8.27 times on day 1
 
 -The YES Bank IPO has been priced at Rs 45 per share as it received
 the maximum number of bids at this price. The IPO, which was through
 a book-building route, had a price band of Rs 38-45 per share. The
 IPO received 2,57,000 bids, resulting in a subscription of over 30
 times.
 
 --Yes Bank joins hands with IBM for tech infrastructure
 
 -Yes Bank launches International Gold, Silver debit card
 
 2006
 
 -Yes Bank Launches YES MICROFINANCE
 
 -YES Bank join hands with Reuters
 
 2007
 
 -YES BANK received the Euromoney - Trade Finance Deal of The Year
 award for a structured & innovative Rural Financing solution in
 providing loans to over 2000 nomadic honey bee farmers in Jammu &
 Kashmir. The only Indian private sector Bank to have won this award
 as the lead arranger out of a total of 367 deals presented across 30
 countries. 
 
 2008
 
 - Yes Bank Limited has appointed Ms. Radha Singh and Mr. Ajay Vohra
 as Independent Director(s) on the Board of Yes Bank w.e.f. April 29,
 2008.
 
 - Yes Bank and PTC+, a premier Dutch practical training institution
 in the field of high technology agriculture have announced an
 alliance to develop projects and encourage innovations in the agri
 sector and other initiatives in the field of agri-infrastructure. 
 
 - The UAE-based private bank, Mashreq, has entered into an alliance
 with YES Bank to launch global Indian banking services across UAE.
 
 -YES Bank ties up with Cisco for voice-enabled phone banking
 -YES BANK received the Best Corporate Social Responsibility
 Practice award at the Social & Corporate Governance Awards 2007.
 These awards were instituted to recognize the need for new innovative
 strategies to implement the CSR practice within the business focus of
 the Indian Corporate sector.
 
 
 2009
 
 - SKS Microfinance seems to have signed a securitisation deal worth
 Rs 100 crore with YES Bank. This deal would allow the bank to
 purchase 1,48,950 micro loans extended to unbanked SC as well as ST
 and minorities' families identified by the Reserve Bank of India as
 weaker sections. The transaction has been rated as `Very Strong
 Safety' by CRISIL.
 
 - Yes Bank has signed a loan agreement with development finance
 institution DEG, under which it will borrow a 5-year loan of euros
 20-million. DEG (Deutsche Investitions-und Entwicklungsgesellschaft
 mbH), is one of Europe's largest development finance institutions.
 
 
 -YES BANK was awarded the 'Most Innovative Bank in India' at the New
 Economy First Annual Banking and Finance Awards 2008 held in London
 and were announced in the December 2008 issue of the International
 Magazine, New Economy. YES BANK is the only Indian Bank to have won
 this award.
 
 
 2010
 
 - YES Bank has joined hands with handset maker Nokia to offer mobile
 payment services that will enable consumers pay for goods and
 services using their mobile devices.
 
 -Yes Bank raises USD 225 million (Rs. 1033.87 crores) through a
 Qualified Institutions Placement
 
 -YES BANK commences operations in Assam
 
 -Yes Bank takes off into the Next Generation Phase - Launches Version
 2.0
 
 - YES BANK receives Baa3 Long Term International Rating from Moody's
 
 2011
 
 - YES Bank enters into a strategic alliance with Dewan Housing
 Finance Corporation Limited (DHFL)
 
 - Yes Bank hikes saving deposit rate from 6% to 7%
 
 - YES BANK recognized as Indias Fastest Growing Bank of the Year at
 the Bloomberg UTV Financial Leadership Awards 2011 
 
 - YES BANK enters into an MoU with the Government of Gujarat 
 
 - YES BANK awarded ISO 27001:2005 Certification 
 
 2012
 
 -Yes Bank has launched Auto Credit Service to boost its low cost
 deposits and attract retail customers
 
 - Yes Bank gets RBI nod for broking subsidiary
 
 - YES BANK awarded The Financial Insights Innovation Award at the
 Asian Financial Services Congress, Singapore 
 
 - YES BANK establishes its presence in Thiruvananthapuram, Kerala
 State
 
 - YES BANK launches Indias first Social Deposit Account
 
 2013
 
 -Yes Bank joins IPL with 5-year sponsorship deal
 -CCEA approves Yes Bank’s proposal to raise foreign holdings to
 60%
 -Yes Bank to appoint 3 top management executives as whole-time
 directors
 -Yes Bank forms alliance with Credit Ratings for SME segment
 servicess
 -Yes Bank forms alliance with Credit Ratings for SME segment
 services
 -Yes Bank inks MoU with Austrade to explore agri-biz opportunities
 
 2014
 -YES BANK receives Ratings Upgrade from ICRA on its various Debt
 Programmes
 -Yes Bank receives ratings upgrade from ICRA
 -Yes Bank signs MoU with TERI to promote sustainable development in
 India
 -Yes Bank, Transfast launch instant money transfer service
 -Yes Bank mulls to expand retail business
 -YES Bank enters into home loan business
 
 2015
 -Yes Bank Signs up with OPIC, U.S. Govt's Development Finance
 Institution, and Wells Fargo to Support Small Business Growth
 -Yes Bank launches Indias First Green Infrastructure Bond Issue of
 INR 500 Crores plus Greenshoe
 -YES Bank has set up a representative office in Abu Dhabi, UAE
 -YES BANK becomes the first Indian bank to be selected in Dow Tones
 Sustainability Indices
 -YES BANK and London Stock Exchange Group sign MoU 
 -Yes Bank Ltd has signed an agreement with the Overseas Private
 Investment Corporation (OPIC)
 -Yes Bank Signs Loan Agreements with Opic and Wells Fargo to Support
 Small Business Growth in India
 
 2016
 -YES Bank Ltd has Acquisition of stake in IiAS
 -YES Bank's FIIs/ RFPIs limit increased to 60% from 49%
 -YES BANK granted in-principle approval by SEBI for Custodian of
 Securities Business
 -YES BANK receives Government of India: CCEA approval to increase
 Foreign Investment Limit to 74%
 -YES BANK receives in principle approval from SEBI for setting up of
 Mutual Fund, Asset Management and Trustee
 -Yes Bank bags dual ISO certification for learning & development
 -YES BANK launches SIMsePAY - Industry First Innovation to empower
 all Citizens to broad base Digital Banking
 -YES BANK awarded 'The Best Bank at National Level' by State Forum of
 Bankers Club, Kerala.
 
 2017
 - YES BANK partners with Gupshup to introduce AI powered Chatbots for
 instant loan offering
 - YES Bank Ltd launches first-in-industry Customizable Savings
 Account
 - Yes Bank awarded for 'API Banking' Innovation at Fintec India
 Conference & Awards
 - YES BANK and APNRT enter into strategic partnership
 - YES BANK becomes the FIRST bank GLOBALLY to migrate to the new ISO
 14001:2015 certification
 - Yes Bank Adjudged 'Best Technology Bank of the Year' at Indian
 -  Yes Bank has been recognized as the ‘Best Social Bank’
 (in the mid-sized Bank category) during the ASSOCHAM 12th Annual
 Banking Summit cum Social Banking Excellence Awards.
 - Yes Bank partners with Paisabazaar.com
 - Yes Bank certified by BSI for ERM Framework
Source : Dion Global Solutions Limited
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