Yes Bank launches ‘loan in seconds’ facility to push loan growth

By: |
July 7, 2020 1:10 AM

The bank’s current account savings account (CASA) ratio stood at 26.6% in the March quarter, compared with 33.1% in March, 2019.

Yes Bank managing director (MD) and chief executive officer (CEO) Prashant Kumar had earlier said that bank want to focus on retail banking.

In a bid to push loan growth, private lender Yes Bank has launched an instant personal loan disbursal facility ‘loan in seconds’. The account holders identified by the bank can avail this quick loan disbursal facility without any document. The advances of the bank had been consistently falling from `2.24 lakh crore in September 2019 to `1.74 lakh crore in March, 2020.

The bank said that eligible customers will receive a communication with the link to apply for instant personal loan. Rajan Pental, global head — retail banking, Yes Bank said “With ‘loan in seconds’, we provide a differentiated banking experience to customers as the loan gets instantly credited to their accounts in a completely paperless and hassle-free way.”

Yes Bank managing director (MD) and chief executive officer (CEO) Prashant Kumar had earlier said that bank want to focus on retail banking. The private lender had also been facing depletion in deposit base. Yes Bank’s deposit base depleted from Rs 2.09 lakh crore on September, 2019 to Rs 1.05 lakh crore, as on March 31, 2020. The deposits further fell to Rs 1.02 lakh crore as of May, 2020.

The bank’s current account savings account (CASA) ratio stood at 26.6% in the March quarter, compared with 33.1% in March, 2019. The bank is working to take its CASA ratio to above 40% over the next one to three years, Prashant Kumar had earlier told FE.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Axis Bank board approves reclassification of United India Insurance as public shareholder
2RBI gives 3-month extension to Rupee Cooperative Bank
3Reliance Home Finance defaults on around Rs 100-crore repayments in December