Mid-sized private lender Yes Bank has received board approval to foray into the mutual funds business, Chief Executive Officer Rana Kapoor told reporters on Tuesday.

Last month, the bank had received a retail equities broking licence from the Reserve Bank of India, for which it expects to launch operations during 2013/14 fiscal year.

The move will help it bolster its retail business, which has been a key growth area over the last one year.

Earlier on Tuesday, Yes Bank posted a 30 percent growth in net profit led by higher loan growth and fee-based income.

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