The national centralized operations management and services delivery facility will be built at Ambattur in Chennai, with an investment of around Rs1.2bn ($18.04m).
Yes Bank’s new facility will provide services to retail banking customers and small and medium enterprises in the country.
According to the bank, around 12,000 new financial services jobs will be created by the new facility in two phases.
The service center will be initially developed over 400,000ft² and will be expanded to 900,000ft² in the second phase by March 2018.
Yes Bank intends to begin the operations of the first phase by the first quarter of 2017.
The bank is also planning to expand its existing network of 700 branches in the country to 1,500 by March 2018 and to 2,500 by 2020.
Yes Bank CEO Rana Kapoor said that the bank expects retail and SME contribution to its total business to rise from the current 30% to 45% by 2018 and 50% by 2020.
In July, Yes Bank announced plans to set up IFSC Banking Units (IBUs) in the state of Gujarat to access international financial markets and offer foreign currency funding to its corporate clients in India.
Claimed to be the fifth largest private sector bank in the country, Yes Bank operates its branches across all the 29 states and seven union territories.
Image: Yes Bank to build new service centre in Chennai. Photo: courtesy of Salvatore Vuono / FreeDigitalPhotos.net.
