Yes Bank joined the initiative by SIDBI PSB loans in 59 minutes
New Delhi: Yes, Bank has recently joined the initiative launch by the Small Industries Development Bank of India (SIDBI) to give quick facility and hassle-free credit access to the MSMEs. This initiative of PSB loans in 59 minutes is to boost the business opportunities in the sector of Micro, Small & Medium Enterprises (MSME).
The loan will be processed for the retail and business under 59 minutes without visiting the branch. The loan will be provided between Rs. 1 Lakh to Rs. 5 Crore and the bank is also offering the option of 20 percent of the loan outstanding under the Emergency Credit Guideline Scheme or ECLGS scheme introduced by the Government of India.
The global head of retail banking Shri Rajan Patel said, “MSMEs are the growth engines of the economy and are a priority sector for Yes Bank. To support the sector during the COVID-19 situation, the Bank is pleased to actively participate in this SIDBI-led initiative for MSME growth. The Bank has also launched innovative digital solutions aimed at offering MSME customers a comprehensive range of products that are convenient, quick, and tailor-made to fit their requirements.”
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