On January 18, 2021 Nitin Gadkari, Union Minister of Micro, Small and Medium Enterprises(MSMEs) virtually launched YES Bank’s YES MSME. It is a comprehensive proposition to strengthen MSMEs with speed and easy access to funds, knowledge partnerships and digital solutions. It will offer collateral-free funding up to INR 5 crore.
Objective of YES MSME– To support MSMEs to expand their business, sustain momentum and accelerate growth.
Note
YES MSME is a new addition under the bank’s MSME sector initiative and the long-term plan to strengthen the ecosystem.
Key People
Nitin Gadkari launched the proposition in the presence of Shri Prashant Kumar, MD and CEO, YES BANK.
Gist about ‘YES MSME’
Offerings & Solutions
i.Under YES MSME, curated offerings are provided to cater the business and individual needs of MSMEs, nurture new age entrepreneurs and also to enhance their potential.
ii.MSMEs are supported through solutions across lending, deposits, insurance, customized and digital solutions for retail, manufacturing, wholesale, trade and service providers.
- This also includes special current account offerings for the self-employed segment.
iii.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.
Key Differentiating Elements
Borrow
This element offers MSMEs with easy borrowing channels like government schemes, trade and finance SME initial public offering (IPO) etc.,
In addition to this, it also quickly obtains GST/ITR details.
Save
Current account to savings account/fixed deposit sweep; Focused programmes- YES Premia, YES First Business and assets-focused loyalty rewards programme.
Simplify
The start up can lend upto Rs 5 crore under YES SPARK; Digital applications- YES MSME, YES Transact; fintech partnerships and digital payroll solutions
Partner
It has YES BizConnect, a collaborative solution to build strong market linkages involving over 700 industry associations.
Protect
It offers Business insurance products and individual – life, health, general; wealth solutions and investments.
Benefits
i.It offers comprehensive, micro-segmented services to stimulate the MSME growth.
ii.MSMEs can get capital with low Turn Around Time(TAT) and reduced documentation.
iii.It enhances customer experience with digital innovations in the key areas of the industry including incorporation, tax filing, payroll management, among others.
iv.Other benefits include pre-approved commercial credit cards, advisory and wealth management solutions along with dedicated relationship managers.
SME Carnival from January 18-22, 2021:
i.YES Bank launched YES MSME program during the SME carnival from January 18-22, 2021 at the MSME focused branches of the bank across India.
ii.During the carnival there are many customer-centric programmes and partnered activations through dealer and OEM partners.
iii.The bank has partnered with over 700 associations to host these carnivals with the associations.
Info about MSMEs in India:
MSMEs is the backbone of the Indian economy and accounts for 30% of the economy creating 11 crore jobs till now.
Recent Related News:
On December 2, 2020 Razorpay and PayPal partnered to enable Indian MSMEs(Micro, Small & Medium Enterprises) and Freelancers to seamlessly accept international payments. This removes the need to write a single line of code.
About YES Bank:
Headquarters– Mumbai, Maharashtra
MD & CEO– Prashant Kumar
Incepted– 2004
Tagline– Experience our expertise
Chatbot– YES ROBOT
