Mr. Nitin Gadkari has launched the YES Bank’s YES MSME, virtually on January 18, 2021. He is the Union Minister of Micro, Small and Medium Enterprise (MSMEs). The main purpose behind this comprehensive preposition was to strengthen the MSMEs with not only the ease of access to funds but also provide them speed, knowledge partnership as well as the digital solutions. It also has a provision to provide collateral free funding that may range up to Rs. 5 Crore.

Objective of YES MSME:

The main objective behind this proposition was to support the MSMEs so that they can expand their business as well as sustain and accelerate their growth.

NOTE:

The YES MSME is a new addition to the bank’s initiative towards the MSME sector as well as the long term plan to provide strength to the ecosystem.

Key People:

The YES MSME was launched by Mr. Nitin Gadkari along with Shri Prashant Kumar who is the MD as well as CEO of the YES Bank.

Gist about “YES MSME”

Offerings and Solutions

1.      The best part about the proposition is that it has curated its offers so as to fulfil the needs of the business as well as the individuals of MSMEs. It also aims at nurturing the new age entrepreneurs along with enhancing their potential.

2.      They also offer the solutions to all the problems related to lending, deposits, insurance, customization as well as the digital solutions for issues occurring in the retail or manufacturing or wholesale, trade as well as service sectors.

·         They even provide the special current account for the self - employed sectors.

3.      The government has glorious plans to improve the GDP in the sector of MSMEs. The COVID 19 pandemic has had its toll on the MSME sector as well thus the proposition will act as a significant and much needed push.

Key Differentiating Elements

1.      Borrow:

This proposition opens the gate of various channels through which the MSMEs can borrow money such as:

·         Government schemes

·         Trade and Finance SME

·         Initial Public Offering (IPO), etc.

2.      Save

·         Current account to saving account,

·         Focused Programmes – YES Premia

·         Fixed deposit sweep

·         YES First Business

·         Asset Focused Loyalty reward programme

3.      Simplify

The startups now have an option to lend up to Rs. 5 Crores. This can be done under the YES SPARK as well as the digital applications like the YES MSME, YES Transact and the Fintech Partnerships along with the digital payroll solution.

4.      Partner

They have YES BizConnect which is a collaborative solution in order to build a strong market linkage which involve approximately 700 industry associations.

5.      Protect

They offer both the business the product insurance as well as the individual their life, health, general wealth solution along with investments.

Benefits:

1.      The YES MSME offers comprehensive as well as micro segmented services so as to stimulate the growth of MSMEs.

2.      The MSMEs have an advantage of getting the Capital with low TAT which is the Turn Around Time and also with reduced documentation.

3.      It aims at improving the customer experience with digital innovations specially in the main areas of the industry comprising of tax filing, incorporation, payroll management, etc.

4.      There are various other such benefits like the pre - approved Commercial credit cards as well as the wealth management solution. They also provide for dedicated relationship managers.

SME Carnival from January 18 to 22, 2021.

1.      In all the branches of the bank which were focused towards the MSME sector throughout India launched the banks YES MSME program in the SME carnival which was organised from January 18 to 22, 2021.

2.      The carnival witnessed various customer centric programmes as well as partnered activations via the dealers along with the OEM Partners.

3.      Over 700 associations have partnered with the bank in order to host this carnival.

Recent Related News:

On December 2, 2020 Razopay and PayPal Partnered to enable Indian MSMEs (Micro, Small and Medium Enterprises) and Freelancers to seamlessly accept the International Payments. This removes the need to write a single line of Code.

About YES Bank:

Headquarters: Mumbai, Maharashtra

MD and CEO: Prashant Kumar

Incepted: 2004

Tagline: Experience our expertise

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