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Private sector lender Yes Bank and credit rating company Care Ratings have entered into an agreement to offer services and products in the small and medium enterprise (SME) segment.
The collaboration will also work towards creating awareness on the importance of external ratings for SMEs, and funding avenues through knowledge dissemination workshops.
Both partners will also undertake focused research studies in the SME segment, the bank said in a statement.
Mehul Pandya, Head – SME, Care Ratings, said “While access to finance remains a key challenge for SMEs, their dependence on bank credit is high in the absence of alternate financing avenues. Customisation of product/ service offerings and enhanced outreach will be the key to facilitate adequate access to credit for the SMEs. With ratings covering an increasingly large segment of the MSMEs, the benefits of rating in terms of easier access to bank finance are getting acknowledged.”
Sanjay Agarwal, Senior President–Business Banking, Yes Bank, said “MSMEs are extremely critical for the Indian economy as they generate significant employment opportunities and export revenue.”
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