Yes Bank set to foray into retail broking
Mumbai, Sep 12 (UNI) Yes Bank today announced it's foray into retail broking, as part of it's expansion plan.
''We've already applied to the Reserve Bank of India (RBI) for opening a distinct subsidiary to enter the field of retail broking'', MD&CEO of Yes Bank, Rana Kapoor said.
A retail broker is a brokerage firm that caters to the average investor or, in other words, the retail sector of investors - as opposed to the institutional sector of investors.
Revealing his future plans on the topic, Mr Rana said that we want to go for retail broking equipped with technology-driven solutions. In fact we want to open quite a few distinctive branches of the bank for the purpose, he added.
Some of the big private sector banks that are already there in retail broking include ICICI, HSBC and Kotak Mahindra.
Mr Rana told UNI,''Today everybody is looking for retail products and hence our bank's plan''.
Talking about other future plans of his bank, Mr Rana said that of late his bank has got RBI's approval for opening 75 off-site ATMs across the country. Currently, only the 20 branches of the bank are equipped with ATM facility.
Also, the bank has plans to double the number of its branches within one and half years from now, said Mr Rana. At present it has 31 branches.
While the bank has entered into a partnership with Bajaj Allianz for selling general insurance products, it has tied-up with Max India (Indian arm of Max New York Life) for life insurance products.
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