Wednesday, June 27

YES Bank to get into knowledge processing

YES Bank, one of the new generation private sector bank is establishing an upper end knowledge processing outsourcing (KPO) unit named as Project TOPS (technology, operations, payments and services). “The project is an exclusive stand alone project of the bank and is on the drawing board at present. The project is expected to begin operations in FY2008-09,” said Rana Kapoor, MD and CEO, YES Bank. Kapoor further revealed, “The blue print of the project is ready and it will initially start with providing services in the banking space and will later be migrated to other financial services as well.

The project is at present being run on the pilot basis at the bank’s office in Mahalkshmi in Mumbai and at DLF Cyber City in Gurgaon with over 500 people working on the same.”

The KPO unit will be sourcing core applications like Audit and compliance. According to sources the bank will soon set up its own 100% subsidiary for outsourcing its back office operations. The name of the new subsidiary is being worked out which will be either YES Enterprise Ltd or YES Solutions Ltd, added Kapoor. He mentioned, “The new subsidiary will manage bank’s own operations.” According to analysts, setting up a separate subsidiary for back office operations might be a cost cutting move by the bank. YES Bank at present has 42 running branches and will add 18 more branches by July end this year. “We will have 100 branches by 2008, 250 branches by 2010 and 400 branches by the end of 2012,” Kapoor said.

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