{"id":22318,"date":"2020-09-16T07:41:10","date_gmt":"2020-09-16T07:41:10","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=22318"},"modified":"2020-09-16T07:41:10","modified_gmt":"2020-09-16T07:41:10","slug":"yes-bank-joins-psb-loans-in-59-minutes-bfsi-news-et-bfsi","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=22318","title":{"rendered":"Yes Bank joins \u2018PSB Loans in 59 Minutes\u2019, BFSI News, ET BFSI"},"content":{"rendered":"

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On Tuesday, Yes Bank<\/a> announced in a press release that it has launched a digital platform for MSMEs<\/a> to avail hassle-free loans. It said that \u201cYes Bank<\/a> is pleased to support the MSMEs\u201d, which have been significantly impacted due to the unprecedented COVID-19 situation. <\/p>\n

\u2018PSB Loans in 59 Minutes\u2019<\/strong>
Yes Bank announced that it has joined the \u2018PSB Loans in 59 Minutes\u2019 initiative by the SIDBI-led consortium of PSBs to facilitate quick and hassle-free credit access for MSMEs. The initiative aims to help boost business opportunities for the MSME sector, which has been adversely affected by the coronavirus pandemic.<\/p>\n

How the initiative works<\/strong>
Under this initiative, business loans for a value from \u20b91 lakh to \u20b95 crore are going to be approved for the MSMEs. Yes Bank claims that, \u201cThe platform functions through advanced algorithms that integrate information directly from GST, income tax returns, bank statement, fraud check, bureau check, among others and automates the decision making with the highest level of information security.\u201d After the submission of the loan application, the algorithm analyses the given data and determines the loan amount that can be sanctioned. It derives its name from that fact that all of this is done within 59 minutes. The platform is directly connected to the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme.<\/p>\n

Statements by Yes Bank and PSB Loans<\/strong>
Rajan Pental, Global Head of Retail Banking<\/a>, Yes Bank, states that, \u201cMSMEs are the growth engines of the economy and are a priority sector for Yes Bank.\u201d He added that the Bank has also launched innovative digital solutions aimed at offering MSME customers a comprehensive range of products which are convenient and to fit their requirements. In accordance to the statement, the Bank is also offering an option to avail up to 20% of loan outstanding under the ECLGS scheme introduced by the Government of India.<\/p>\n

Ronak Shah, Co-founder and COO, Online PSB Loans Ltd., also spoke on the development, by welcoming Yes Bank on the platform. He adds \u201cThe initiative has empowered the borrowers to choose the lender of their choice without visiting the Bank Branch. The solution uses advanced algorithms to read and analyse data points from various sources such as IT returns, GST data, bank statements, MCA21, etc.\u201d<\/p>\n<\/div>\n