YES Bank has launched the YES MSME initiative aimed at providing speedy and easy access to funds to the micro, small and medium enterprises (MSMEs) sector of India. The disbursal of funds will be facilitated to address both business and individual requirements of MSMEs, encourage new age entrepreneurs and maximising their potential.
The YES Bank launched this programme during the SME Carnival from January 18-22, 2021 across the private lender's MSME focused branches across India. YES Bank's MD and CEO Prashant Kumar expounded on the private lender's commitment to support the growth of India's MSME sector during the launch. Kumar added the feature will improve access to funding and finance for MSMEs and provide support for technological upgrades, among a gamut of other measures.
While flagging off the initiative, Union MSME and Road Transport and Highways Minister Nitin Gadkari 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 Prashant Kumar, MD and CEO of YES Bank and team on the efforts to contribute to the larger vision of making India a $5 trillion economy."
To materialise this programme, the private lender has partnered with over 700 industry associations. YES Bank has listed five elements -- borrow, save, simplify, partner and protect -- as part of the proposition
- The borrow element is focused on providing MSMEs with easy borrowing channels such as government schemes, trade and finance SME IPOs, investment banking, dedicated MSME cell, carefully curated product solutions for ease. Besides this, the borrow element also takes care of quick GST and ITR filing.
- The save element comprises current to savings accounts and fixed deposit-focussed programmes like the YES Premia, YES First Business and assets-focussed loyalty rewards programme.
- The simplify element consists of lending up to Rs 5 crore to start-ups under YES Spark programme. It also comprises fintech partnerships and digital payroll solutions under the YES MSME and YES Transact programmes.
- The partner element comprises YESBizConnect programme that is focussed at providing collaborative solutions aimed at building market linkages, providing tech-based solutions, knowledge sharing using advisories, newsletters and discussion forums involving approximately 700 industry associations for MSMEs and startups.
- The protect element comprises business insurance services like life insurance, health insurance, general insurance, investment options and wealth solutions.
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