In line with the monetary policy measures, Yes Bank has increased its Base Rate by 50 bps to 9.50% effective May 4, 2011. The Bank has also increased its PLR by 50 bps with immediate effect.
Yes Bank will also offer a higher rate of interest of 4% on savings account deposits with immediate effect. While this benefit extended to depositors is expected to increase the cost of funds of the Bank by less than 1 basis point, the increase in Base rate and PLR will enable the Bank to fully absorb the increased costs on account of rising interest rates. The above measures will also serve the purpose of effective and immediate transmission of monetary policy objectives of the Reserve Bank of India.
Speaking on the monetary policy announcement, Mr. Rana Kapoor, Founder, Managing Director & CEO, Yes Bank said "To further the monetary policy transmission of the Reserve Bank of India, Yes Bank has increased its Base rate and PLR by 50 basis points each. Yes Bank welcomes the announcement by RBI of the increase in Savings Deposit Rates to 4%, a precursor to full deregulation of the savings deposit rate. The deregulation will open up opportunities for Yes Bank to further innovate its product offerings to enhance its CASA deposit base".
ABOUT Yes Bank
Yes Bank, India's new age private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Promoter & Founder, Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India. Yes Bank has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
Yes Bank has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. Yes Bank is steadily evolving as the Professionals' Bank of India with the long term mission of "Building the Best Quality Bank of the World in India".