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Yes Bank completes all formalities, to roll out ops in end Jan
Mumbai, Nov 30: Yes Bank, a new private sector bank, is now set to commence operations by January end with the completion of all its formalities and submission of the same to the Reserve Bank of India.
Mumbai, Nov 30: Yes Bank, a new private sector bank, is now set to commence operations by January end with the completion of all its formalities and submission of the same
to the Reserve Bank of India.
"We have completed all necessary formalities, including achieving the financial closure, and have submitted the details to Reserve Bank of India", Rabo India Finance CEO Rana Kapoor, one of the promoters, told here today.
RBI, in its report on trend and progress of banking in India 2002-03, had said that Yes Bank, which was given permission alongwith Kotak Mahindra Finance, was granted extension of time till November 30, 2003, to complete all necessary formalities and to commence banking operations. On achieving the financial closure, Kapoor said Rabo Bank would have 20 per cent stake while CVC (a Citigroup firm), Russell Asian infrastructure fund and Chryscapital would have 10 per cent, 7.5 per cent and 7.5 per cent stake respectively.
While three per cent has been kept aside for the top management, the balance 52 per cent would vest with Kapoor and Askok Kapur, another promoter of the bank, he added.
Kapoor, last month, had said that the new bank would concentrate on commercial and retail lending.
The bank board would consist of 10-12 members including three independent directors with Kapur as the non-executive chairman. Initially, the bank would start operations in Mumbai and Delhi and once the process was completed in 4-5 months, it would be possible to open two branches a month, he said.
Bureau Report
RBI, in its report on trend and progress of banking in India 2002-03, had said that Yes Bank, which was given permission alongwith Kotak Mahindra Finance, was granted extension of time till November 30, 2003, to complete all necessary formalities and to commence banking operations. On achieving the financial closure, Kapoor said Rabo Bank would have 20 per cent stake while CVC (a Citigroup firm), Russell Asian infrastructure fund and Chryscapital would have 10 per cent, 7.5 per cent and 7.5 per cent stake respectively.
While three per cent has been kept aside for the top management, the balance 52 per cent would vest with Kapoor and Askok Kapur, another promoter of the bank, he added.
Kapoor, last month, had said that the new bank would concentrate on commercial and retail lending.
The bank board would consist of 10-12 members including three independent directors with Kapur as the non-executive chairman. Initially, the bank would start operations in Mumbai and Delhi and once the process was completed in 4-5 months, it would be possible to open two branches a month, he said.
Bureau Report