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Yes Bank gets board nod for mutual funds foray

Source : REUTERS
Last Updated: Tue, Oct 23, 2012 11:22 hrs
A grocery shop owner counts rupees in the western Indian city of Ahmedabad

Mid-sized private lender Yes Bank has received board approval to foray into the mutual funds business, Chief Executive Officer Rana Kapoor told reporters on Tuesday.

Last month, the bank had received a retail equities broking licence from India's central bank, for which it expects to launch operations during 2013/14 fiscal year.

The move will help it bolster its retail business, which has been a key growth area over the last one year.

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