YES Bank finance solution for MSMEs

YES Bank, on Monday, rolled out ‘YES MSME’, whereby the bank will support micro, small and medium enterprises (MSMEs) 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, the private sector bank said in a statement.

The MSME proposition re-engineers business processes, offering swift access to capital through digital lending and fintech partnerships, and products curated with industry associations that empower the bank’s MSME customers – promoters as well as businesses, it added.

The bank underscored that its start-up programme offers collateral-free funding of up to ₹5 crore, along with consultancy and enterprise resource planning (ERP).

Speaking at the virtual launch of YES MSME, Nitin Gadkari, Union Minister for MSMEs and Road Transport and Highways, said: “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.”

Prashant Kumar, MD and CEO, YES Bank, said the bank’s enhanced value proposition will improve access to finance for MSMEs and support their technology upgrade, among other customer-focussed measures.