Thursday, October 4, 2012
Yes Bank Ltd Received Retail Equities Broking Licence
Private lender Yes Bank Ltd received a retail equities broking licence from India's central bank, stepping up competition in the financial sector for a piece of the country's savings.
Yes Bank expects to launch operations of the securities broking business during 2013-14 fiscal year that begins in April, it said in a statement on Friday.
Indian banks compete aggressively for a slice of the retail deposits to help fund a liquidity shortage at a time when lenders are dealing with a pile of non-performing loan portfolios.
Yes Bank said the broking business would offer synergies to its retail savings and loan offerings.
"The timing is opportune given our thrust and focus on retail banking," Rana Kapoor, chief executive of the private lender, said in the statement.