YES BANK REVS UP HIRING FOR RETAIL

MUMBAI: Mid-sized private lender Yes Bank is betting big on retail growth, and has embarked on an aggressive hiring strategy by roping in experienced people from competition, to drive the segment targeted to expand by 40%

The bank, which also plans to launch its credit card business in April, has hired about 10 people, including Padhmanabhan Kumar as the new COO and senior group president (operations and service delivery).

Neeraj Dhawan is the new group president and chief risk officer for retail and business banking, while Rajan Pental, a former business head at HDFC Bank, has been brought in as the new group head for retail lending.

The senior executive appointments are a prelude to the over 3,000 people that Yes Bank plans to hire for the retail business in 2016, a growth of over a third from the current tally of 10,000 employees in retail, said Pralay Mondal, senior group president for retail and business banking.

“We will increase our headcount by 30% in a year’s time. We’ll have about 13,000 in retail itself, including our branch expansion.

In senior management, we will hire at least 20-30 people… reasonably good names from the industry,” Mondal added.

At present, Yes Bank’s retail and business banking portfolio is about 30% of its total book.

“Retail is a knowledge-driven business, having to be closer to the customer and delivery is a must.

Though digital channel is helping faster delivery, still there is a presence required to be with the customer,” Mondal said.