Yes Bank launches YES MSME finance solution for Indian businesses
Indian private sector bank Yes Bank has launched a new finance solution called YES MSME for the micro, small, and medium enterprises (MSMEs) to help them with speedy and easy access to funds.
According to Yes Bank, YES MSME will be facilitated by curated offerings to address the business and also individual requirements of MSMEs, encourage new-age entrepreneurs, and also help maximize their potential.
The new finance solution for Indian MSMEs has been curated after considering the insights and feedback from customers and industry associations, said Yes Bank.
Yes Bank said that the MSME finance solution focuses on supporting business growth, sustaining momentum, and speeding up growth through solutions via lending, deposits, insurance, tailored and segmented digital solutions for retail, wholesale, manufacturing, trade, and service providers. This also covers special current account offerings for self-employed people.
Nitin Gadkari – Indian 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.”
YES MSME is said to reengineer business processes to boost customer experience, by providing swift access to capital via digital lending and fintech partnerships, and products curated with industry associations that empower Yes Bank’s MSME customers, promoters, and also businesses.
The bank’s startup program – YES Spark provides collateral-free funding up to INR 5 crore plus consultancy and enterprise resource planning (ERP).
Yes Bank said that it can also considerably bring down the turnaround time for processing MSME loans. Other features include pre-approved commercial credit cards, advisory, and wealth management solutions apart from dedicated relationship managers.
Prashant Kumar – MD and CEO of Yes Bank said: “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.”