YES Bank gets RBI nod for setting up IBU in GIFT City

Yes Bank has received approval from RBI to set up IFSC Banking Units (IBUs) in Gujarat International Finance Tec (GIFT) city.

Establishing the IBU will propel the bank's growth plans further by providing it access to international financial markets, as well as provide a comprehensive product suite to its corporate clients requiring foreign currency funding, Yes Bank said in a statement on Tuesday.

It will also allow the bank to raise foreign currency funding through MTNs and other routes as appropriate, Yes Bank MD Rana Kapoor said.

He added, it will help in further diversification and expansion of cross border asset products as well as widen the scope and depth of liabilities base.