India’s central bank, the Reserve Bank of India (RBI) has given its consent to Yes Bank for launching its securities broking business in the country.

The bank will now be able to offer a complete range of financial services to its customers including savings, investments, wealth and loan products with the launch of the new brokerage platform. Yes Bank is expected to launch the new securities broking business during the 2013-2014 financial year.

The new securities broking business will complement the bank’s retail savings and loans business. The bank will be able to capitalize on its presence in 26 states through 380 branches in the country. The bank is planning to expand its network of branches to 900 by the year 2015 in India.

Rana Kapoor, founder, managing director and chief executive officer, Yes Bank said, “We are pleased to be granted approvals by the Reserve Bank of India for establishing a brokerage subsidiary. The timing is opportune given our thrust and focus on retail banking.”

He also said that the success of the bank’s savings account business will now be complemented by its retail broking services in the country.