YES Bank launches Click OD facility for existing MSMEs
YES Bank launches Click OD (overdraft) facility for the bank’s existing Micro, Small and Medium Enterprises (MSME) customers to let them avail unsecured OD up to Rs 10 lakh digitally without any documentation. This unique proposition will be offered to selected customers based on their account conduct and credit history.
The OD facility is an end to end digital offering where the limit will be disbursed through the bank’s MSME portal. The customer will be required to login on the portal and follow a few steps. The limit is disbursed in a matter of a few clicks.
The bank is targeting a disbursement of Rs 100 crore for FY 2019-20 through the YES MSME portal. YES Bank’s total exposure to MSMEs as on March 31, 2019, has crossed ~Rs 42,000 crore.
Commenting on the initiative, Rajan Pental, Senior Group President and Group Head - Branch and Retail Banking, YES Bank, said, “YES Bank has been supporting MSMEs in their growth story through various initiatives such as YES MSME portal and YES GST. Further, through the launch of this product, the bank hopes to complement its efforts to address MSMEs' need for timely and hassle free access to working capital finance without documentation, thereby supporting them in their endeavour to be sustainable and competitive.”
To apply, YES Bank MSME customers can visit https://yesmsmeonline.yesbank.in/homepage.