Shares of the Yes Bank rallied on Friday after the Reserve Bank of India removed restriction and allowed FIIs to buy equity shares as shareholding by foreign investors has gone below the prescribed limit.

Shares of the Yes Bank was seen trading higher by Rs 4.15% at Rs 704. It touched an intra-day high of 705 on BSE at 3.00 PM IST.

The RBI has removed Yes Bank from its caution list of monitoring foreign investment following the dip in shareholding by foreign investors below the prescribed limit. " ... the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect," an RBI notification said.

"It may also be noted that all the approvals received against the said scrip are duly cancelled. Equity shares of M/s Yes Bank Ltd. can now be purchased through primary market and stock exchanges", added further.

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