YES BANK launches YES MSME in India with digital solutions

By Edil Corneille

YES BANK has rolled out YES MSME, a proposition to further strengthen Micro, Small and Medium Enterprises (MSMEs) with speedy and easy access to funds. This will be facilitated by curated offerings to address business and individual needs of MSMEs, nurture new-age entrepreneurs and maximise their potential.

The YES MSME proposition focuses on supporting MSMEs in expanding their business, sustaining momentum and accelerating growth through solutions across lending, deposits, insurance, customised and segmented digital solutions for retail, manufacturing, wholesale, trade and service providers. This also includes special current account offerings for the self-employed segment.

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…”

Prashant Kumar, MD and CEO, YES BANK 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.”

The proposition reengineers business processes to enhance customer experience, by offering swift access to capital through digital lending and financial technology (FinTech) partnerships, and products curated with industry associations that empower the bank’s MSME customers – promoters as well as businesses.

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.

5 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 50 million under YES SPARK; digital applications – YES MSME, YES Transact; FinTech partnerships and digital payroll solutions.

Partner: YES BizConnect – 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.