RBI approves overseas offices for Yes Bank in London, Singapore
Mid-size private sector lender Yes Bank today said it has received approval from the Reserve Bank of India to have presence in London and Singapore to support the diaspora business and also international trade. The announcement to have the offices comes at a time when many state-run lenders are consolidating their foreign presence following the over Rs. 13,000-crore scam at the Punjab National Bank.
PNB scam: Govt directed PSBs to shut down overseas offices
Following the discovery of the PNB scam, the government had directed public sector banks to shut down or consolidate overseas branches, while the RBI banned the letter of undertakings (LoUs). But now, Yes Bank will have international presence with a representative office in Abu Dhabi and a branch in the Gift City International Financial Services Centre set up in Gujarat's Gandhinagar.
What did Yes Bank's CEO say about the new offices?
"This will help in further diversification and expansion of financial services to the NRI diaspora," the bank's managing director and chief executive Rana Kapoor said.
Overseas offices will help Yes Bank grow in international space
With the addition of these representative offices, the bank will be able to effectively cover key geographies and this should be seen as its commitment to growing in the international banking space, Kapoor said. Singapore is the base for a host of multinationals and has the presence of 6,000 Indian companies, while the UK has a $15 billion in bilateral trade with the country.
