Another player in the retail banking sector?
Private sector Yes Bank will open five more branches across the country as part of its business expansion plans.
"We will be launching five new branches in Mumbai, Gurgaon, Chennai, Hyderabad and Ahmedabad in the next six weeks," Yes Bank Managing Director and CEO Rana Kapur. The bank currently has two branches in Mumbai and Delhi.
Yes Bank has made a significant step towards building its retail banking operations by launching a debit-cum-ATM card in partnership with MasterCard International.
And, this time, like credit cards, you get a choice. You can either opt for the Gold or Silver card.
The Gold card certainly spells good news for car owners.
You can use this card at any petrol pump in India you will not be charged any surcharge for doing so.
Also, a host of benefits for travel.
Both cards also offer 10% off on domestic or international holiday packages (only through travel house SOTC) and 3% off on air bookings (though the latter is also offered by other players).
Priority booking at certain hotels, visa and passport services and car booking assistance is also offered.
If you are thinking of rushing and opening an account, hold you. You may not be welcome!
That's because Yes Bank is not just another retail bank. Its wealth management proposition is targeted solely at the affluent.
So, it's not anyone and everyone who can brag of an account there.
Yes Bank commenced operations in Mumbai and New Delhi in the third quarter of 2004. It is in the process of building wholesale banking, corporate and transactional banking, retail and private banking business lines across the country.
Ashok and Rana Kapur has a 52.25% stake in the bank while Rabobank, Netherlands, has 20% of Yes Bank's financial ownership. CVC-Citigroup (New York), AIF Capital (Hong Kong) and ChrysCapital (San Francisco) together own 25%.
Additional inputs: PTI