With the dual goal of empowering MSMEs and contributing towards creating a tougher and more self-reliant nation, YES BANK, one of India’s largest private banks, lately revealed an all-new product proposition — YES MSME — for MSMEs to grow, evolve and excel. Intended for delivering MSMEs speedy and easy access to funds, YES MSME stimulates the disbursal of funds for business and individual mandates, in addition to facilitating entrepreneurs and maximising their growth capability.
YES MSME’s detailed product proposition, which encompasses 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 delivers 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 devoted to boosting the advancement of India’s MSMEs and that YES MSME will enable improved 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 endeavour, customers can avail specially curated product coverage assortments that will take care of all their business and personal necessities. To accomplish this, the Bank, which has partnered with over 700 industry federations, lists five elements — borrow, save, simplify, partner and protect — as part of the recommendation.
One of the most prominent among the many functions of YES MSME is that startups can avail up to Rs 5 crore collateral-free funding. Also, the Bank will decrease the turnaround time for processing MSME loans and offer other features including pre-approved commercial credit cards, advisory and wealth management solutions and devout relationship managers.