MUMBAI:
With the backing of India’s largest financial institutions, including State Bank of India, YES BANK has been re-energised and is committed to a culture of accountability, while delivering an enhanced banking experience to customers. The Bank is steering its way forward by leveraging on a unique opportunity to learn from past challenges and become stronger, while continuing to focus on supporting its customers and all stakeholders.
Prashant Kumar, MD & CEO, YES BANK has also outlined long-term strategies for a redefined YES BANK, which would include a strong and sustained liabilities growth focus; a balanced earnings mix between wholesale and retail; building and monetising new businesses through digital innovation; sharp focus on cost optimisation while continuing to invest in growth opportunities; as well as conforming to the highest standards of risk management, compliance and governance.
“The successful completion of our Rs 15,000-crore follow-on public offering (FPO), India’s largest fund raise in the financial services sector against an extremely challenging socio- economic backdrop is a testament to the faith reposed by our investors. This is one of the first but a very crucial step in the Bank’s journey of transformation into a ‘Digital Bank’ – a key milestone and a market endorsement of the efforts being made by the Bank.”, said Prashant Kumar, MD & CEO, YES BANK in a message to shareholders in the Annual Report.
“We continue to focus our efforts on ensuring that our customers are supported every step of the way. While many of us have been working remotely from home or working in shifts across locations, we are and will be there to assist and serve, with commitment and dedication. The Bank will focus on sustained liability growth, balancing earnings between retail and wholesale, building and monetising businesses and work on cost optimization.”, Kumar said.
The new board and the management are building an institution which has highest standards of governance, strong risk processes, financially strong, technologically powered to deliver best value to its customers. The Bank is working on three pillars of sustainable growth – driving operational excellence through digitisation; strong governance and risk frameworks; and sharing success with our stakeholders Sunil Mehta, Chairman, YES BANK, said “Embarking on a journey of transformation, we
have to continue to make progress towards achieving the targets we had laid out for ourselves. This reflects the resilience of the Bank and its ability to bounce back, even in an unpredictable and complex economic environment”.
In a recent release issued by NSE, the Index Maintenance Sub-Committee (IMSC) of NSE Indices Limited will be including YES BANK in – Nifty Midcap 150, Nifty 500, Nifty Midcap 100, Nifty Large Midcap 250, Nifty Mid Small Cap 400 and Nifty 200.
From bringing cutting-edge innovations in fintech to pure-play transactional banking, the Bank has set a paradigm in terms of customer experience, satisfaction, and overall productivity. The Bank has quickly ramped up remote access capability for 10,000 users to cover critical activities and support their business. Additionally several ‘digital-first’ services like digital overdraft against FD, digital self-service portal and WhatsApp banking have been launched in this phase to provide convenience and transaction security to the customers.
To make systems and processes more efficient, the Bank is continuously investing in strengthening the IT infrastructure and digital platforms to complement its electronically linked physical branch network. This holistic approach enables the Bank to design better products & solutions and ensure seamless delivery, resulting in customer delight.
