Yes Bank launches YES MSME, comprehensive proposition enabling easy access to funding, knowledge partnerships and digital solutions
Launches startup programme, offering collateral-free funding up to INR 5 crore
Chandigarh: YES BANK has rolled out YES MSME, a proposition to further strengthen the Micro, Small and Medium Enterprises (MSMEs) – backbone of the Indian economy – with speedy and easy access to funds. This will be facilitated by curated offerings to address both business and individual needs of MSMEs, nurture new age entrepreneurs and maximise their potential. The YES MSME proposition has been curated, taking into consideration the insights and feedback from customers and industry associations.
The YES MSME proposition focuses on supporting MSMEs in expanding their business, sustaining momentum and accelerating growth through solutions across lending, deposits, insurance, customized and segmented digital solutions for retail, manufacturing, wholesale, trade and service providers. This also includes special current account offerings for the self-employed segment.
YES BANK is celebrating the launch of this programme during SME carnival from January 18 – 22, 2021 at the Bank’s MSME focused branches across India with several customer-centric programmes and partnered activations through dealer and OEM partners. The Bank has also partnered with 700+ associations to host these carnivals with the associations.
Stating that the sector has immense potential, Shri Nitin Gadkari, Union Minister for MSMEs and Road Transport and Highways, said, “Stating that the sector has immense potential, Shri Nitin Gadkari, Union Minister for MSMEs and Road Transport and Highways, said, “The MSME sector is the backbone of the Indian economy and accounts for 30 per cent of the economy creating 11 crore jobs so far. Investment in the sector is the need of the hour and we are hopeful that concerted efforts by the industry and the Government will help expand it. I congratulate YES BANK for this new addition under their MSME sector initiative and the long-term plan to strengthen the ecosystem. My best wishes to Shri Prashant Kumar, MD & CEO, YES BANK and team on the efforts to contribute to the larger vision of making India a USD 5 trillion economy by 2024.”
Shri Prashant Kumar, MD and CEO, YES BANK, said at the launch, “YES BANK remains committed to supporting the growth of this employment-intensive sector and contribute to the growth of the economy. The Bank’s enhanced value proposition will improve access to finance for MSMEs and support their technology upgrade, among other customer-focused measures. I am confident that our measures will have tangible outcomes and contribute to the collective vision of a self-reliant nation.”
The proposition reengineers business processes to enhance customer experience, by offering swift access to capital through digital lending and fintech partnerships, and products curated with industry associations that empower the Bank’s MSME customers – promoters as well as businesses.
Notably, the innovative startup programme, YES Spark offers collateral-free funding up to INR 5 crore, along with consultancy and enterprise resource planning (ERP).
Further, the Bank will be able to significantly reduce the turnaround time for processing MSME loans. Other features include pre-approved commercial credit cards, advisory and wealth management solutions along with dedicated relationship managers.
The unique endeavour is yet another step for a meaningful push to increase the GDP contribution of the MSME sector – which came under strain in the aftermath of COVID-19 – from the current 30 per cent to 50 per cent, as the Government of India has envisioned.