RBI DIRECTS YES BANK'S IBU TO STOP ACCEPTING FOREIGN CURRENCY DEPOSITS

Highlights

• The Mumbai-based private sector lender is hoping to raise Rs 15,000 crore with the help of the FPO

• The letter dated May 22, the RBI asked IBU to comply with the restriction within the period of 12 months

• The RBI on many instances had found the IBU breaching statutory norms

According to the offer document issued by Yes Bank for a follow-on public offering (FPO), the country....