MSMEs are a vital sector for the Indian economy, contributing immensely towards socio-economic improvement. Apart from generating endless employment opportunities, the industry also strives towards improving India’s underdeveloped and rural areas.
To support this YES Bank recently launched the YES MSME initiative during the SME Carnival taking place 18th-22nd January 2021. The programme empowers MSMEs across India to obtain swift and easy access to funds, along with several other privileges discussed below.
Main Benefits of Yes Bank MSME Scheme
For the MSME initiative to reach its maximum potential and accumulate significant resources, YES Bank has collaborated with over 700 industry organizations across India.
The scheme has five fundamental elements; borrow, save, simplify, partner, and protect, further supporting how MSME businesses operate.
This component of the initiative enables MSMEs across India to obtain funds effortlessly through safe and reliable sources. MSMEs will gain smooth access to government schemes, trade & finance SME IPOs, investment banking, and MSME cells. Any quick GST and ITR filings to be completed are looked after this initiative element.
Having a stable financial position now and even in the future is imperative. The “save” component highlights features like switching from current to savings accounts, along with beneficial fixed deposit-focussed schemes like YES Premia, YES First Business, and assets-focussed loyalty rewards plan.
To ensure MSMEs’ growth, loans up to Rs. 5 Crore will be available to startups under the YES Spark programme. This component also covers beneficial fintech partnerships and digital payroll solutions under “YES MSME” and “YES Transact Schemes”.
This element enables more straightforward platforms and solutions for MSMEs to carry out their operations.
Building a company network is essential. YES Bank has partnered with nearly 700 industry associations for MSMEs. With the YESBizConnect programme, MSMEs can gather collaborative solutions to help build market linkages, tech-based solutions, and information via newsletters and discussion panels.
Protecting Micro, Small, and Medium Enterprises against unforeseen circumstances is crucial. Especially given that they account for nearly 30% of the economy.
Under this scheme component, MSMEs can obtain essential business insurance services like life insurance, health insurance, general insurance, investment options, and wealth solutions.
What others are saying about this
Nitin Gadkari, the Union MSME and Road Transport and Highways Minister, acknowledges the MSME sector as the Indian economy’s foundation. He states that Micro, Small, and Medium Enterprises (MSMEs) account for approximately 30% of the economy while presenting 11 Crore job opportunities for the public.
This significant contribution is assuredly recognized and thanked by the Government and industry’s recent efforts. YES Bank’s initiative for the sector will undoubtedly strengthen the long-term vision for the economy. Nitin Gadkari further sends his best wishes to MD and CEO of YES Bank, Prashant Kumar, who committed to the larger picture of shaping India into a $5 trillion economy.
YES Bank’s MSME scheme is going to change the way MSMEs function. With scheme components covering matters regarding borrowing, saving, simplifying, partnering, and protecting, MSMEs can expect radical changes in their growth. Apart from their lack of access to formal credit institutions, MSMEs also lacked bargaining power in the market and even effective management education to redefine their practices.
YES Bank has taken into account all challenges MSMEs face and has paved a concrete pathway to develop the sector and the Indian economy as a whole.
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