Yes Bank has launched a MSME startup scheme, offering collateral-free financing up to Rs. 5 crores delivering a much-needed fillip to the MSME development story as it enables fast and convenient access to finance with shorter processing period and limited paperwork.
YES BANK in collaboration with 700+ associations during the ongoing SME carnival from 18 to 22 January 2021, has launched YES MSME, taking into account the perspectives and suggestions from customers and industry associations. The launch will further boost Micro, Small and Medium Enterprises (MSMEs) with fast and convenient access to financing.
It focuses on helping MSMEs to expand their business, retain momentum and drive growth through finance, deposits, insurance, personalized and segmented technology platforms for retail, industrial, wholesale service providers and also includes special current account offerings for the self-employed category.
Nitin Gadkari, Union Minister for MSMEs and Road Transport and Highways, said, stating that the sector has immense potential, “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.”
Prashant Kumar, MD and CEO, YES BANK, at the launch stated, “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.”
The plan reengineers business processes to improve user engagement and provides accelerated access to capital through digital lending and fintech collaborations, and to goods curated by industry groups empowering MSME clients, promoters and companies.
This unique initiative is yet another step towards a substantial drive to raise the GDP contribution of the MSME sector from the existing 30 per cent to 50 percent, as envisaged by the Government of India.