Yes Bank today said it has received approval from the Reserve Bank of India (RBI) to start equity broking business. The bank will float a new subsidiary to conduct this business.
"We are pleased to be granted approvals by RBI for establishing a brokerage subsidiary. The timing is opportune given our thrust and focus on retail banking," Rana Kapoor, founder, managing director and chief executive of the bank, said in a statement.
The bank aims to launch operations of its securities broking business in financial year 2013-14.
The private lender expects the new business to further drive growth in current account savings account (CASA) deposits besides opening up avenues for fee income.
"The retail customers of the bank will need to look no further as Yes Bank's cutting edge technology platform will ensure a seamless trading experience across savings, de-mat and broking accounts," Kapoor said.
