Mumbai: Yes Bank said it will enter the credit card space by June and has appointed former HDFC Bank executive Rajanish Prabhu to lead the division, reports PTI. The city-headquartered bank has redesigned its organisational structure in order to focus on retail and small and medium-sized enterprises amid expansion of its sales distribution network, product innovation and increased customer services.
Pralay Mondal, senior group president, will now head YES Bank’s commercial business operations, which include medium enterprises and rural banking, in addition to branch banking, business banking and retail, the private bank said in a release. “Credit cards are being launched in Q1 of FY17 to fully complete the retail banking product suite,” the bank said.
The private lender, which started operations in 2004, has been looking to enter the competitive and high margin credit cards business for over a year now. Prabhu will serve as senior president and national head of the division. Under the affordable housing segment, the bank is also planning to expand home loan product offerings.Chitra Pandya will head the entire liability product range and Mani Ayyar will lead the newly created rural and inclusive branch banking business.
In another hire from the bigger rival HDFC Bank, it has picked up Ratan Kesh as the head for branch service delivery, contact centre and service excellence. It is targeting to increase the branch network to 1,500 by March 2018 and 2,500 by March 2020, from the 630 as of end of June 2015.
