The Reserve Bank of India on Tuesday approved Yes Bank to set up IFSC Banking Units (IBUs) in Gujarat International Finance Tec City (GIFT).

"Establishing the IBU will propel YES 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 (FCY) funding," the bank said in press release.

The license will also allow YES BANK to raise FCY funding through MTNs & other routes as appropriate, added further.

Commenting on the approval Rana Kapoor, Managing Director & CEO, YES BANK said "This is a significant development in the overall augmentation of YES BANK's business model and will help in further diversification and expansion of cross border asset products as well as widen the scope and depth of our liabilities base"

YES BANK had recently opened its First International Representative office in Abu Dhabi, UAE in April 2015.

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