Yes Bank, with a customer base exceeding 1 million, has yet to launch its credit card portfolio. To consolidate its presence in retail credit portfolio, the bank has decided to enter the credit card business by FY17. This is not the first time Yes Bank has announced its interest in the credit card business. In 2014 also, the bank had made a similar announcement, suggesting opting for an organic route rather than an inorganic one.
On Tuesday, Yes Bank appointed Rajanish Prabhu as senior president and national head for managing the credit card business. The bank has also changed its organizational structure to accelerate retail and small and medium enterprises (SME) business.
This new-generation bank has come a long way since starting operations about a decade ago in 2004. Currently, it plans to expand its branch network to 1,500 by March 2018 and to 2,500 by March 2020. The bank has also established a dedicated rural and inclusive branch channel (RURBAN) to effectively manage the semi urban or rural geographies.
As corporate loans account for two-thirds of the bank’s business, it is now diversifying and moving into retail credit as well. Towards this direction, the bank is eyeing the home loan segment, more specifically affordable housing.