(4 October 2012 – India) India’s Yes Bank has received a retail equities broking license from the country’s central bank, further intensifying competition among banks for retail deposits.Yes Bank will establish a new subsidiary to conduct this business. It expects to start its securities broking business during the 2013-14 fiscal year beginning next April.
It said its broking business would offer synergies to its retail savings and loan offerings.
Yes Bank chief executive Rana Kapoor said the timing is “opportune given our thrust and focus on retail banking.’
Indian banks compete aggressively for retail deposits to help fund a liquidity shortage at a time when lenders are struggling to contain a rising mountain of non-performing loan portfolios.