With the launch of YES MSME initiative, YES BANK is empowering MSMEs to reach new milestones of growth
The Micro, Small and Medium Enterprises (MSMEs) form the cornerstone of the Indian economy. Not only do they employ a large chunk of the country’s non-agricultural workforce but they are also instrumental to India’s vision of becoming a global manufacturing powerhouse.
However, the absence of adequate and timely banking and finance, limited capital and knowledge of gaining credit through formal sources, and non-availability of suitable technology are among a clutch of challenges that have hampered their growth, lowering production levels. The impact of COVID-19 and the ensuing lockdown and restrictions have only exacerbated the situation.
With the twin aim of empowering MSMEs and contributing towards building a stronger and more self-reliant nation, YES BANK, one of India’s largest private banks, recently unveiled an all-new product proposition — YES MSME — for MSMEs to grow, evolve and excel.
Aimed at providing MSMEs speedy and easy access to funds, YES MSME facilitates the disbursal of funds for business and individual requirements, in addition to encouraging entrepreneurs and maximising their growth potential.
YES MSME’s comprehensive product proposition, which comprises digital innovations and specially curated products, includes a five-point plan for wholesalers/traders, retailers, professionals, manufacturers and service providers for their business and individual growth. This also includes special current account offerings for the self-employed segment via the YES Safal initiative, which offers curated current accounts with trade FX, collections and zero AMC.
YES BANK launched this programme as part of its SME Carnival across its MSME-focused branches in the country. Speaking at the launch event, YES BANK MD and CEO Prashant Kumar said the Bank is committed to supporting the growth of India’s MSMEs and that YES MSME will help improve access to funding and new technology for the sector.
“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,” he said.
Union MSME and Road Transport and Highways Minister Nitin Gadkari, who was the chief guest at the launch event, said while flagging off the initiative, “The MSME sector is the backbone of the Indian economy. It accounts for 30 per cent of the economy and has created 11 crore jobs so far. Investment in the sector is the need of the hour and we are hopeful that concerted efforts by 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 the team on their efforts to contribute to the larger vision of making India a $5 trillion economy."
Under this initiative, customers can avail specially curated product coverage packages that will take care of all their business and personal needs. To achieve this, the Bank, which has partnered with over 700 industry associations, lists five elements — borrow, save, simplify, partner and protect — as part of the proposition.
One of the most prominent among the many benefits of YES MSME is that startups can avail up to Rs 5 crore collateral-free funding. In addition to this, the Bank will reduce the turnaround time for processing MSME loans and offer other features including pre-approved commercial credit cards, advisory and wealth management solutions and dedicated relationship managers.