Indian private sector lender Yes Bank has said that it will launch its largest operations management and delivery services centre in Chennai, which will create nearly 12,000 jobs.

The new centre will address the issues of the bank’s retail banking customers as well as small and medium enterprises.

The lender will invest INR1.2bn to INR1.25bn on the centre, particularly on the rented premises and technology.

The centre is expected to begin operations with 1,200 staff by March 2016. It is expected to hire 7,500 employees by the first phase ending March 2018, and 12,000 by 2020.

Commenting on the centre, Yes Bank MD and CEO Rana Kapoor said: "We see tremendous growth in the retail and SME segments, which currently accounts for 30 per cent of the business. It should grow to 45 per cent by 2020 and the centre will augment the growth in the segments."