YES BANK launches YES MSME, a comprehensive proposition enabling easy access to funding, knowledge partnerships and digital solutions

Udaipur: On 19 January 2021, YES BANK has unveiled YES MSME, which is a proposition to strengthen more the Micro, Small and Medium Enterprises (MSMEs) – the Indian economy backbone– simplifying and fastening the access to funds. This will be facilitated by organised  offerings to address both business and individual needs of MSMEs, foster new entrepreneurs and maximise their potential. By taking the insights and responses from customers and industry associations into consideration, the YES MSME proposition has been organised.

The YES MSME proposition focuses on supporting MSMEs in outreaching their business, sustaining momentum and accelerating development by solutions across lending, deposits, insurance, customized and segmented digital solutions for retail, manufacturing, wholesale, trade and service providers. It includes special current account offerings for the self-employed section, as well.

Shri Nitin Gadkari, Minister of Road Transport & Highways and Minister of MSME launched the YES MSME proposition virtually, in the presence of Shri Prashant Kumar, MD and CEO, YES BANK, as well as over 5,000 industry leaders, representatives and customers.

YES BANK is celebrating the launch of this programme during SME carnival from 18 to 22 January  2021 at the MSME focused branches of the Bank across India, with several customer-centric programmes and partnered activations through dealer and OEM partners. To host these carnivals with the associations, the Bank also has entered a partnership with 700+ associations.

Pointing out that the sector has immense potential, Shri Nitin Gadkari, Union 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 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 Shri Prashant Kumar, MD and CEO, YES BANK, at the launch session.

YES MSME reengineers business processes to promote customer experience, by offering swift access to capital through digital lending and fintech partnerships, and products organized with industry associations that empower the Bank’s MSME customers – promoters as well as businesses.

Significantly, YES Spark, the innovative startup programme, offers collateral-free funding up to INR 5 crore, in addition to consultancy and enterprise resource planning (ERP).

Moreover, the Bank will be able remarkably to decrease 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.

Yet, the unique effort is another step for a meaningful push to increase the GDP contribution of the MSME sector – impacted from 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 Yes MSME proposition:

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