Yes Bank approved a ‘clearing bank’ with NSE

YES BANK said it has been approved as a clearing bank for the National Stock Exchange, adding to similar status with other exchanges like the BSE, MCX and NCDEX.

India’s fourth largest private sector bank said it will provide “comprehensive settlement & clearing services” under its mandate as a clearing bank for the NSE.

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.

National Securities Clearing Corporation 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.

“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,” said Rana Kapoor, MD & CEO of YES BANK.