Mumbai, May 24, 2018: YES BANK, India’s fourth largest private sector bank, has received approval from National Stock Exchange (NSE), India’s largest stock exchange to be empanelled as ‘Settlement Bank’ for National Securities Clearing Corporation Limited (NSCCL), a wholly owned subsidiary of NSE.
YES BANK will provide comprehensive Settlement & Clearing services suitable to the members by leveraging its state-of-the-art Technology platform coupled with superior service excellence and constant innovation. The services will include electronic funds transfer (ETF) facilities and ‘anywhere’ banking. YES BANK will provide facilities including issuing bank guarantees, credit facilities and inter-bank funds transfer as well as free of cost funds transfer across centers for NSE’s members.
YES BANK is already an empanelled Clearing Bank for the BSE, NCDEX and MCX.
Commenting on the announcement, Rana Kapoor, MD & CEO, YES BANK said, “The empanelment as a Settlement Bank is a strong reinforcement of YES BANK’s pursuit of becoming a front runner in the capital markets payments segment. Our digital innovation including the one-of-its-kind API Banking suite will add significant value to NSCCL and its customers. We believe YES BANK will be a vital partner for this important segment enabling vibrant domestic capital markets which will fuel the next growth phase for our country.”
NSCCL is responsible for clearing and settlement of all trades executed on NSE and deposit and collateral management and risk management functions. It has empaneled banks as members to maintain and operate clearing accounts at the designated clearing bank branches. The clearing accounts are used exclusively for clearing and settlement operations.
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