India’s leading private sector money lender ‘Yes Bank Limited’ has recently launched a new initiative and scheme to strengthen the Micro, Small and Medium Enterprises (MSME) in the country.
The initiative called as the ‘YES MSME’ is known to provide different facilities to boost the MSME sector in the country, one of which is provision of up to Rs 5 Crore collateral-free funding for startups.
According to the minister for MSMEs and road transport and highways, Nitin Gadkari, the MSME sector accounts for 30% of the economy, forming the backbone of the Indian economy.
Speaking of YES MSME, it will facilitate “speedy and easy access to funds” to MSME sector. It will provide curated offerings to address both business and individual needs of MSMEs, nurture new age entrepreneurs and maximize their potential.
They also stated to focus on supporting MSMEs in expanding their business, sustaining momentum and accelerating growth through solutions across lending, deposits, insurance, customized and segmented digital solutions for retail, manufacturing, wholesale, trade and service providers.
What are the detailed Features of YES MSME
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government schemes,
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trade and finance SME IPO,
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investment banking
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Dedicated cell called an MSME Cell,
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parameterised product solutions, and
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Fetching GST/ITR details quickly.
What is Sweep-in Facility?
The bank will provide a sweep-in facility from the current account to savings account/fixed deposit.
It will also offer programmes focused on increasing savings, like:
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YES Premia
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YES First Business, and
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Assets-focused loyalty rewards programme
Yes Spark
The initiative will provide a collateral-free funding upto Rs 5 crore for start-ups, in conjunction with consultancy and enterprise resource planning.
They will also provide services like fintech partnerships and digital payroll solutions.
What is YES Biz Connect?
This is a collaborative solution focused on bolstering market linkages, which will involve over 700 industry associations, along with tech-based partner solutions, knowledge sharing via advisories, MSME newsletters and discussion forums.
Business and Individual Insurance
The bank will also provide business insurance products and individual: life, health and general, through this initiative, along with wealth solutions and investments.
Source: Trak.in
