Yes Bank today said it will enter the credit card space by June and has appointed former HDFC Bank executive Rajanish Prabhu to lead the division, as it announced a new organisational structure to boost retail and corporate banking.
“Credit cards are being launched in Q1 of FY17 to fully complete the retail banking product suite,” the bank said in a statement.
The city-headquartered bank, 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.
Prabhu’s last job was as regional director for CyberSource Corporation, a company promoted by Visa for processing e-commerce transactions. Prior to that, he served for 11 years with HDFC Bank in multiple businesses, including credit cards.
The announcement to enter the credit cards business comes following foray into home loans. It today said it will also start serving the affordable housing segment as part of the home loan offering.
Meanwhile, the bank said its senior group president Pralay Mondal will also lead the commercial banking segment serving business of up to Rs 500 crore turnover, and rural banking, in addition to the branch banking, retail and small businesses.
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.
On the urban branch banking front, it has divided the country into two regions which will be led by Narendra Dixit and Akshay Sapru, respectively.