Yes Bank’s shares jumped nearly 10% in the early trading hours on Thursday after the private lender provided clarification to the Bombay Stock Exchange (BSE) about its arrangement with a fintech startup, LeRemitt. 

Shares of Yes Bank hit a fresh 52-week high of Rs 32.70, 9.73% higher than its previous closing price on the National Stock Exchange (NSE). At 02:30 pm, the stock was trading 2.85% higher at Rs 30.65. 

On February 7, the BSE sought clarification from Yes Bank on a media report that surfaced earlier stating that the bank has partnered with LeRemitt. 

In response, Yes Bank informed the exchanges in a filing that the news of its pact with the fintech start-up LeRemitt is part of its regular business operations and would enable the bank to provide digital solutions to its MSME customers.

The agreement with the startup is still in its preliminary stages and would have no material impact on its business volumes or revenues, Yes Bank added in the statement. 

Earlier this week, the lender received notification from the Reserve Bank of India (RBI) informing that it has approved HDFC Bank to buy an aggregate of up to 9.50% of Yes Bank’s paid-up share capital or voting rights.