YES BANK Partners SIDBI to Extend Banking Facilities to SIDBI Customers

MUMBAI:
YES BANK, India’s fourth largest private sector bank, signed an MoU with Small Industries Development Bank of India (SIDBI) to become the preferred financial institution to extend banking facilities to SIDBI customers.
The MoU is a formal agreement between YES BANK and SIDBI to channelize various banking solutions to SMEs by extending YES BANK’s banking solutions to these SMEs. This MoU will facilitate smooth flow of credit in a hassle-free manner to SIDBI’s MSME customers availing Term Loan facility from SIDBI (currently offering term Loans to MSMEs at an interest rate of 8.12% p.a). Under this MoU, these MSMEs will avail working capital finance from SIDBI which will be channelized using YES BANK platform. These SMEs will also be entitled to use YES BANK’s varied banking solutions which include – digital banking products through various channels, current accounts, Cash Management Services (CMS), amongst several others.
Mohammad Mustafa, Chairman and Managing Director, SIDBI said, “In line with its invigorating vision of SIDBI 2.0, SIDBI has been taking all such steps which can instil vibrancy in MSME eco-system and partnership with Yes Bank is an endeavour along these lines to ensure that finance reaches the doorsteps of MSMEs on the back of robust technology and efficient service delivery.”
Speaking on the signing of the MoU, Rana Kapoor, MD & CEO, YES BANK, said “India’s MSME sector is vibrant and dynamic, with significant contribution to the country’s growth. At YES BANK, we are fully committed to strengthen our MSME ecosystem and our partnership with SIDBI is testimony to our laser focus of providing holistic banking services that can enable Indian MSMEs to become world class and globally competitive.”
In keeping with its ethos of Knowledge Banking, YES BANK has previously hosted ‘Scale-up’ Knowledge Series for MSMEs in Pune, Ludhiana, Jaipur, Hyderabad, Raipur and Kolkata in partnership with local chambers to facilitate hassle-free transition of MSMEs to the new GST regime and scale-up businesses in an increasingly transforming global scenario. The Bank is also ensuring that along with a digitally-enabled banking solutions platform, SMEs are also equipped with a GST-ready product suite which includes a customized current account, credit card, a dedicated section on the website & call-back service for any GST query and a unique cash flow management solution designed by Numberz, a start-up which recently graduated from YES BANK’s fintech accelerator.