Private lender YES Bank has launched the YES MSME initiative that aims at offering fast and convenient access of funds for the micro, small and medium enterprises (MSMEs) sector of India.
As mentioned in the official communiqué, the disbursal of funds will be facilitated by the lender to boost both business and individual requirements of MSMEs and encourage new age entrepreneurs and maximising their potential.
The lender unveiled this exclusive programme for MSMEs during the SME Carnival from January 18-22, 2021 across the private lender’s MSME focused branches across India.
During the launch of the programme, YES Bank’s MD and CEO Prashant Kumar said that the private lender is commitment to support the growth of India’s MSME sector.
Furthermore, Kumar said that the feature will help improve access to funding and finance for MSMEs and provide support for technological upgrades, among a gamut of other measures.
While unveiling the initiative, Union MSME and Road Transport and Highways Minister Nitin Gadkari said, “The MSME sector is the backbone of the Indian economy and accounts for 30 per cent of the economy creating 11 crore jobs so far. 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. I congratulate YES Bank for this new addition under their MSME sector initiative and the long-term plan to strengthen the ecosystem. My best wishes to Prashant Kumar, MD and CEO of YES Bank and team on the efforts to contribute to the larger vision of making India a $5 trillion economy.”
To set this up the private lender has joined hands with over 700 industry associations.