Yes Bank gets domestic equity broker licence

MUMBAI Fri Sep 28, 2012 10:58am IST

A stockbroker uses his terminal to trade at a brokerage firm in Mumbai September 30, 2008. REUTERS/Punit Paranjpe/Files

A stockbroker uses his terminal to trade at a brokerage firm in Mumbai September 30, 2008.

Credit: Reuters/Punit Paranjpe/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Private lender Yes Bank Ltd (YESB.NS) received a retail equities broking licence from the RBI, 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.

(Reporting by Swati Pandey; Editing by Gopakumar Warrier)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared
People walk in the Wipro campus in Bangalore June 23, 2009. REUTERS/Punit Paranjpe/Files

Wipro Q4 net profit beats estimates, rises 29 percent

Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier.  Full Article | Full Coverage 

REUTERS SHOWCASE

Literary Giant Dies

Literary Giant Dies

Nobel winner Garcia Marquez, master of magical realism, dies at 87.  Read 

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Full Article | Full Coverage 

Insider Trading

Insider Trading

Ex-Goldman director Gupta starts prison term on June 17.  Full Article 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

Expansion Plans

Expansion Plans

Reliance Industries, HPCL Mittal plan refinery expansions.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Deal Talk

Deal Talk

Piramal to buy 20 percent stake in Shriram Capital for $334 million.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage