MUMBAI 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)