Yes Bank plans expansion, bets on north Indian market to grow (Lead)

March 2nd, 2009 - 10:47 pm ICT by IANS  

Chandigarh, March 2 (IANS) Yes Bank is planning to open 133 more branches across the country by March 2010 of which 70 will be in north India, a senior company official said here Monday.
“Out of our total 117 branches in India, 58 percent branches are located in northern India, as we perceive it as a safe place to do business. Moreover, a recent RBI (Reserve Bank of India) study shows north Indians are best savers,” Yes Bank executive vice-president Ravishankar told reporters.

Citing the RBI data, he said 32 percent of north Indians saved, compared to the national average of 26 percent.

“We are planning to open 133 more branches across the country by March 2010, and 70 will be north India. For these new branches, we have applied for clearances from RBI and hopefully we will get them in time,” Ravishankar said.

“For us, Punjab is one of the most flourishing and important markets. At present, we have 10 branches in the state and we certainly want to expand our business in this region in the coming months.”

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