YES Bank to provide bespoke banking solutions to startups in Maharashtra
YES Bank, India’s fourth largest private sector Bank, signed a Memorandum of Understanding (MoU) with the Maharashtra State Innovation Society (MSInS), a nodal agency of the Government of Maharashtra responsible for implementing the
Maharashtra Start-up Policy. Through this partnership, YES BANK will extend banking services to start-ups at the Maharashtra Startup Week, organised during June 25-29, 2018, through
YES: Head-STARTUP program, the Bank’s comprehensive banking solution for tech and tech-enabled Start-ups.
In line with YES BANK’s commitment to creating an enabling environment for startups and MSMEs, the Bank will provide full service banking services to start-ups participating in the Maharashtra Startup Week which includes the following:
- Special Current Account variant with no minimum balance commitment
- Innovative Digital & Cash Management Solutions like API Banking, UPI, Wallet Services
- Wide-ranging Forex products & Trade-related Advisory Services
- Beyond banking services, such as Angel investor interaction, Mentorship & Guidance Programs and discounted co-working spaces, specialized financial & tax advisory through a unique alliance program with like-minded industry partners
- Special Loan Products (Business & Personal)
The partnership will help further strengthen the growing entrepreneurship and innovation ecosystem, through strategic initiatives such as:
- YES: Head-Startup: A holistic banking solution for startups with additional support like incubation/ acceleration, co-working spaces, taxation/ legal/accounting services, which
YES BANK offers to startups that are part of this exclusive program.
- YES FINTECH: YES BANK’s business accelerator for fintech startups, which has been collaborating with more than 100 Fintech start-ups to help them develop, test and scale their solutions and jointly take them to market to YES BANK’s Corporate, SME and retail customers.
Commenting on the partnership, Rana Kapoor, MD & CEO, YES BANK said, “MSMEs and startups are the backbone of the Indian economy, and YES BANK is committed to supporting their growth as a one stop banking solutions provider. The Startup Week is truly a pioneering initiative by the Government of Maharashtra and the Maharashtra State Innovation Society to develop the startup and innovation ecosystem in the State. We are pleased to support this initiative through our exclusive YES: Head-STARTUP program, a full service banking proposition for Start-ups.”
Shri E. Ravendiran, I.A.S. Chief Executive Officer, Maharashtra State Innovation Society (MSInS), said, “Government of Maharashtra has envisaged the Maharashtra Startup Week as an annual flagship competition to engage, encourage and enable the entrepreneurial ecosystem. Keeping with its tradition to promote and nurture innovative ideas that can bring about transformational change in the society, the Government is looking for innovative products from these start-ups and if we find it interesting, we will be the first to buy their products. I feel, with our partnership with YES BANK, will also help these startups get access to much required banking services and facilities to enhance their transactional efficiency.”