Yes Bank - Growth Through Microfinance

Yes Bank Launches YES MICROFINANCE

Yes Bank Ltd on December 06, 2006 has announced the launch of YES MICROFINANCE, a specialised and dedicated division of the Bank focused on developing a pioneering strategy of Direct Intervention for the Microfinance domain.

YES MICROFINANCE aims to offer the entire gamut of financial services and products to the unbanked and under-banked sections of Indian population aimed at satisfying consumption demand as well as augmenting capital formation, thereby enabling Greater Financial Inclusion. YES MICROFINANCE, in a phased roll out, will offer credit, savings, insurance and remittance products to the underprivileged both in Urban and Rural areas with the Pilot programme being launched in Mumbai.

To this end, the Bank has entered into a Memorandum of Understanding (MoU) for technical collaboration with ACCION International, a leading global microfinance institution that provides capacity-building support, investment, new product development and governance to a network of 30 microfinance institutions in 23 countries. The partnership will provide YES MICROFINANCE with best-in-class products and processes, innovative delivery channels, superior rating methodologies and state-of-the art technology architecture to cater to the Indian microfinance landscape.

YES MICROFINANCE represents the Bank's commitment to mainstream sustainability principles within the Indian Financial community and is a reiteration of 'Responsible Banking' philosophy. The Bank intends to bring its recognised skills in project management to set up a world-class institutionally sponsored Microfinance operation, drawing on the same expertise that has seen the Bank being rated amongst the top three listed, banks in India (Business world, December 04, 2006).

Mr Rana Kapoor, Founder / Managing Director and CEO, of the Bank, said "As a Public Trust Institution, YES BANK is cognizant of its responsibility of enabling the creation of an Inclusive Financial sector and sees Microfinance as an efficient and commercially viable tool to achieve this goal. Working in partnership with ACCION, the Bank aims to augment sustainable livelihoods and enable socio-economic development at the grassroots through its microfinance initiative."