YES BANK’s “YES MPME” initiative guarantees companies full financial support. here’s how
With almost a third contribution to the Indian economy and the creation of around 11 million jobs, India’s micro, small and medium-sized enterprises (MSMEs) sector is a key component of the country’s growth. Despite this, the sector continues to face the challenges of inadequate and timely financial services that have led to the inaccessibility of regular credit, hampering their ability to implement emerging technologies and boost their growth.
Traditionally, large Indian banks and financial institutions have sought to serve MSMEs by extending their products and services, typically offered to large customers, to MSMEs. But given the unique nature of these businesses and their financial needs, it was prudent for lenders to take a different and holistic approach rather than targeting just a few individuals or entities.
With this in mind, se.se.sssssssYes Bankse.se.sssssss– one of the largest private sector lenders in India – recently launched the YES MSME initiative aimed at empowering MSMEs to take new steps in their journey. The product proposal aims to ensure quick and easy access to funds, efficient disbursements and to encourage entrepreneurs to maximize their growth potential by helping them to borrow, save, simplify, associate and protect themselves.
Through its offers, the bank wishes to support manufacturers, maintenance trades, wholesalers and traders, retailers and professionals, among others. Here’s a closer look at each of these segmental services.
Being at the center of the economic chain that produces goods for sale or market, manufacturers often have large capital needs. Their work protocols require the easy availability of money as well as personalized offers. This is exactly what YES BANK’s MSME-focused products do by offering loan options, export trade finance and businesses exposed to imports as well as digital offerings that enable businesses to do business on the go.
India’s economic growth over the past two decades has been driven by the service space. YES BANK has sought to strengthen its growth with tailor-made offers that constitute a complete product portfolio. In addition, the lender has deployed payroll solutions and foreign exchange services while meeting the essential need to have access to working capital loans.
For a segment that has the highest customer exposure, YES BANK has sought to deploy products and services that will ease the burden of payments and receivables with curated offers, four-in-one point of sale solutions, receive payments remotely on POS through SMS payment, QR payments and more. In addition, it offers products like SAFAL checking account, smart collection statements and free UPI ID and QR-based payments with each account.
Wholesalers and traders
For entities involved in such activities, in addition to working capital requirements, trade finance platforms and foreign exchange services hold the key to their day-to-day transactions. Its products such as YES SAFAL current account helps businesses meet various personalized needs of themselves. With features like same day account activation, CA-FD scanning, and a range of merchant collection solutions, businesses can rely on their services for their banking needs. In addition, the bank does not charge you any service or transaction fees for the first month of banking.
Finally, for businesses run by individuals or professionals, the bank also offers tailor-made loans and current accounts to help them adapt their financial needs accordingly.
As one of India’s leading banks serving millions of retail and business customers, YES BANK’s offerings go beyond business banking. Its YES ProBiz offers on-call expert services and MSMEx – a panel of over 60 experts on Udhyam registration, business creation, sales and marketing, accounting, among others. In addition, he has partner offers through technology solutions such as Assisted Tax Reporting with Clear Tax, Accounting Bookkeeping with Zoho Books, Payment Solutions via Cash Free and more. The bank is careful to go the extra mile to provide its customers with a healthy banking experience and beyond to help their businesses thrive.