YES Bank to set up its largest services facility in Chennai

The lender is planning to raise $1 bn in 2016

Yes Bank is planning to raise around $1 billion in 2016 to support its growth plans.

Speaking on the sidelines of Tamil Nadu Global Investors Meet at Chennai today, Rana Kapoor, founder & CEO, Yes Bank said that last year the lender had raised half a billion dollars and considering the 25-27 per cent growth it is planning to raise $1 billion next year.

He also announced setting up of largest ever operations management and services delivery facility in Ambattur, Chennai with an investment of around Rs 125 crore and it will be spread over 4 lakh sq ft to employ 9,000 employees at full capacity and by 2020 it will be increased to 12,000.

The centre would support the proposed expansion of the lender's branch network. Currently, the bank has 700 branches and is planning to take it to 1,500 by March 2018 and then to 2,500 by 2020.

Kapoor said that he expects the possibility of 0.5-1% cut in interest rates by March 2016 in order to benefit textiles and steel sectors.

"It is interesting to see that the WPI was down by 8% between January and July 2015 as compared to the same period last year. Similarly , CPI was down by 3% in the same period as against the corresponding period of the last year," he said.

"As the festive season like Diwali is around the corner, we hope that RBI will look into the interest part," he said.