Launches startup programme, offering collateral-free funding up to INR 5 crore
Offers comprehensive, micro-segmented services to provide fillip to the MSME growth story
Facilitates quick and easy access to capital, with lower TAT and minimal documentation
Enhances customer experience with digital innovations across key requirement areas of the sector including incorporation, tax filing, payroll management, human resource technology, ERP, CA support, disbursement and collections
Empowers sector with wider on-ground presence, faster disbursement and knowledge sharing
Partnership with 200+ industry associations, trade bodies and 10+ corporates to take the solution to their members and supply chain partners, thereby expanding reach
Mumbai, NFAPost: YES BANK has rolled out YES MSME, a proposition to further strengthen the Micro, Small and Medium Enterprises (MSMEs) – backbone of the Indian economy – with speedy and easy access to funds.
This will be facilitated by curated offerings to address both business and individual needs of MSMEs, nurture new age entrepreneurs and maximise their potential. The YES MSME proposition has been curated, taking into consideration the insights and feedback from customers and industry associations.
The YES MSME proposition focuses on supporting MSMEs in expanding their business, sustaining momentum and accelerating growth through solutions across lending, deposits, insurance, customized and segmented digital solutions for retail, manufacturing, wholesale, trade and service providers. This also includes special current account offerings for the self-employed segment.
YES BANK is celebrating the launch of this programme during SME carnival from January 18 – 22, 2021 at the Bank’s MSME focused branches across India with several customer-centric programmes and partnered activations through dealer and OEM partners. The Bank has also partnered with 700+ associations to host these carnivals with the associations.
Stating that the sector has immense potential, Union Minister for MSMEs and Road Transport and Highways Nitin Gadkari said the MSME sector is the backbone of the Indian economy and accounts for 30% 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 & CEO, YES BANK and team on the efforts to contribute to the larger vision of making India a $5 trillion economy by 2024,” he said.
YES BANK MD and CEO Prashant Kumar 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,” said Prashant Kumar.
The proposition reengineers business processes to enhance customer experience, by offering swift access to capital through digital lending and fintech partnerships, and products curated with industry associations that empower the Bank’s MSME customers – promoters as well as businesses.
Notably, the innovative startup programme, YES Spark offers collateral-free funding up to INR 5 crore, along with consultancy and enterprise resource planning (ERP).
Further, the Bank will be able to significantly reduce the turnaround time for processing MSME loans. Other features include pre-approved commercial credit cards, advisory and wealth management solutions along with dedicated relationship managers.
The unique endeavour is yet another step for a meaningful push to increase the GDP contribution of the MSME sector – which came under strain in the aftermath of COVID-19 – from the current 30 per cent to 50 per cent, as the Government of India has envisioned.
The five key differentiating elements of the proposition are:
Borrow: Easy borrowing channels with customised funding – government schemes, trade and finance SME initial public offering (IPO), investment banking (IB), a dedicated MSME Cell, parameterised product solutions for ease along with quick fetching of GST/ITR details, enabling faster access
Save: Current account to savings account/fixed deposit sweep; focused programmes – YES Premia, YES First Business and assets-focused loyalty rewards programme
Simplify: Start-up lending up to INR 5 crore under YES SPARK; digital applications – YES MSME, YES Transact; fintech partnerships and digital payroll solutions
Partner: YESBizConnect – collaborative solutions to build strong market linkages involving over 700 industry associations;tech-based partner solutions; knowledge sharing via advisories, MSME newsletters and discussion forums
Protect: Business insurance products; individual – life, health, general; wealth solutions and investments