Yes Bank was incorporated as a corporation on November 21,2003. Subsequently, on 11 December 2003, RBI was informed of theParticipation of three private investors, namely: CiticorpInternational Finance Corporation, ChrysCapital II, LLC and AIF CapitalInc.To achieve the Bank's financial closure. RBI for yourLetter dated 26 February 2004 provided that they are notInvolvement of the three private investors, namely CiticorpInternational Finance Corporation, ChrysCapital II,LLC and AIF CapitalInc. in the Bank's equity at 10%, 7.5% and 7.5%, respectively,And He also advised the Bank to infuse a sum of Rs. 2 billion a paid out Up of capital. In addition, the RBI advised the Bank to Request for final approval after completing all procedures To Incorporation as a banking company and establishing the capital Bank structure approved by RBI.RBI in its letter dated 29 December 2003 decided extension Approval of "Principle" for a period up to 29 February 2004 allow The Bank to complete all financial arrangements.
Yes Bank obtained its Business Start certificate in 21 January 2004. Subsequently, in March 2004, the Bank Mobilization of minimum initial paid-up capital of Rs. 2,000 million. In addition, the Promoters by their letter dated March 29, 2004 Made a final request for a bank license under Section 22 Of The Banking Regulation Act of 1949, in which Capital structure, composition of the Board of Directors,proposed Human resources, information technology, premises and legal policies And the bank's business and financial plan.
Regulation of 1949, granted the license to Bank operations in India under certain terms and conditions, That 49% of our pre-issue capital stock held by the Promoters(National and Foreign) would be blocked for five years from the Bank licenses, being May 24, 2004. In our case, this 49.0% HasShares of blocking shares representing 29.0% of the shareThe capital of Messrs. Rana Kapoor and Ashok Kapur and Equity Share this Representing 20.0% of the share capital of Rabobank International Participation.In addition, the terms of the banking license granted by RBI To require If the developer owns more than 49%, it will be diluted after One Year of operation of the Bank. It also stipulates that the Capital (which currently amounts to EUR 2 billion) should be Rs. 3 billion within three years of the start of business.In addition, in its letter dated 2 September 2004, RBI Bank In the Second Schedule of the RBI Act, 1934 with effect from August twenty-one,2004.