SEBI grants Yes Bank license for FII services

Private banking major Yes Bank has received a final license from the Securities and Exchange Board of India (SEBI) to offer custodial services to market participants.

With this license, the bank will expand its existing capital market offering and tap domestic as well as foreign investments into the Indian financial markets. The bank can now act as Custodian of Securities to market participants including foreign institutional investors (FII) and foreign portfolio investors (FPI). The bank can provide comprehensive services to FPIs and cater to Alternative Investment Funds (AIFs) and Portfolio Management Service (PMS) companies.

For Q4FY18, the bank reported net profit increase of 29 per cent YoY to Rs. 1,179.4 crore on back of improved net interest income and asset quality. The bank's net interest income increased by 31.4 per cent to Rs 2,154.2 crore.

Meanwhile, at 10:18 hours, the bank was trading at Rs. 330.80 per share, up by 0.08 per cent, while the benchmark index BSE Sensex was at 35,570.35, down by 27.28 or 0.08 per cent on Monday.