Big Yes Bank initiative for MSME! Up to Rs 5 cr collateral-free funds made available

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.

Stating that the sector has immense potential, Union Minister for MSMEs and Road Transport and Highways Nitin Gadkari said, “Stating that the sector has immense potential, 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.”

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Prashant Kumar, MD and CEO at YES BANK said at the launch, “YES BANK remains committed to supporting the growth of this employment-intensive sector and contributing 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.”

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).

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.