Yes Bank gets retail equities broking licence

Mumbai: Private lender Yes Bank Ltd received a retail equities broking licence from the central bank, stepping up competition in the financial sector for a piece of the country’s savings.

[caption id=“attachment_472168” align=“alignleft” width=“380”] Yes Bank said the broking business would offer synergies to its retail savings and loan offerings.[/caption]

Yes Bank expects to launch operations of the securities broking business during fiscal 2013-14 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.

Reuters