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Yes Bank gains after launching digital banking product

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rose 1.48% to Rs 1,161.15 at 14:15 on after the announced the launch of SIMsePAY, industry's first innovation to empower all citizens to broad based

The announcement was made during market hours today, 30 November 2016.

Meanwhile, the Sensex was up 172.11 points, or 0.65%, to 26,566.12.

On the BSE, 1.48 lakh shares were so far traded in the counter, compared with average daily volume of 3.24 lakh shares in the past one quarter. The stock had hit a high of Rs 1,166.10 and a low of Rs 1,145.60 so far during the day. The stock had hit a record high of Rs 1,450 on 7 September 2016. The stock had hit a 52-week low of Rs 632.25 on 20 January 2016. The stock had underperformed the market over the past one month till 29 November 2016, falling 10.04% compared with 5.54% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.44% as against Sensex's 5.41% decline.

The large-cap private sector has equity capital of Rs 422.75 crore. Face value per share is Rs 10.

announced the launch of SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile services, without the need for smart phones or internet.

The offering is based on a frugal sim-sleeve technology in association with Taisys Technologies, who holds global patent for the same and has implemented the same successfully in other countries including Kenya and China. The solution will cater to the large section of Indian population who remain unbanked or under banked due to lack of access to smart phones and mobile internet. This represents a large inherent market need, and hence a large scope for the solution.

The plans to garner a base of 5 lakh SIMsePAY by 2017. The has launched the services with the District Co-operative Bank, Dehradun and subsequently plans to launch it across the country.

The product will be offered in a phased manner. The first phase will involve collaboration with co-operative and regional rural banks. The second phase will involve direct outreach to the target segment through Yes Bank's correspondent network.

reported 31.31% rise in net profit to Rs 801.54 crore on 24.7% rise in total income to Rs 4982.23 crore in Q2 September 2016 over Q2 September 2015.

is one of the leading private sector banks in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 14:23 IST