YES Bank becomes first lender to use new swap rules

YES Bank, the country's youngest private sector lender, has become the first bank to take advantage of the Reserve Bank of India (RBI)'s new swap rules. The bank has raised $255 million via a dual currency, multi-tenor syndicated loan facility. The move comes barely days after RBI allowed banks to raise money (above 50 per cent of their tier-I capital) from foreign markets with a minimum maturity of three years and swap the borrowings with it at a subsidised rate for one to three years............

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