Bullish on growth, hiring in FY10

Despite the current economic slowdown, new age private banker Yes Bank remains optimistic about its growth plans and hiring in the next financial year.

“Subject to the Reserve Bank of India (RBI) approval we will be opening new branches all across the country during financial year 2010,” Ravi Shankar, country head (cash management & direct banking) of Yes Bank, told Business Standard without divulging the exact number of branches.

The 117 branch-strong bank has about 30 per cent of its branches in tier-III cities, and almost 60 per cent of them are in North India. Yes Bank has the board approval to open 250 branches by 2010. Shankar said the bank would continue to hire talents to feed new branches and fuel growth.

The bank’s headhunters recently visited the Indian Institute of Management (IIM), Lucknow.

Varun Tuli, group president, business banking of Yes Bank, said the growth story of Indian banks was largely intact and only the branches of some foreign banks had faced challenges.

“Indian banks, both public and private sectors, will be net hirers, both in current and next financial years,” he informed.