| 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, YES 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. YES 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 (Businessworld, December 4, 2006 ). |
| Mr. Rana Kapoor, Founder / Managing Director and CEO, YES 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." |
| Announcing the significant development, Ms. Maria Otero, CEO, ACCION said, "Over the last ten years, ACCION has worked with commercial banks in many countries to help them initiate large-scale and commercially viable microfinance programmes that reach some of the most marginalised people in the world. We are proud to announce this strategic partnership with YES BANK as we work towards providing financial access to millions more working poor in the country." |
| About YES BANK: |
| YES BANK, India's new age private sector Bank, is the outcome of the professional commitment of its Promoters, Rana Kapoor and Ashok Kapur, to establish a high quality, customer centric, service driven, private Indian Bank catering to "Emerging India". |
| YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. A key strength and differentiating feature of YES BANK is its knowledge driven approach to banking and an unprecedented customer experience for its retail and wealth management clients. |
| YES BANK is steadily building corporate and institutional banking, financial markets, investment banking, business and transactional banking, retail and private banking business lines across the country. The Bank's constant endeavour is to provide a delightful banking experience expressed with simplicity, empathy and totality. |
| About ACCION International: |
| ACCION International is a private, nonprofit organization with the mission of giving people the financial tools they need "� microenterprise loans, business training, and other financial services "� to work their way out of poverty. A world pioneer in microfinance, ACCION was founded in 1961 and issued its first microloan in 1973 in Brazil. |
| ACCION International's partner microfinance institutions today are providing loans as low as $100 to poor women and men entrepreneurs in 22 countries in Latin America , the Caribbean , Asia and sub-Saharan Africa , and in the U.S. In the last decade alone, ACCION partners have disbursed more than 14 million loans totaling more than $9.4 billion; 97 percent of the loans have been repaid. |
| Selected for the fourth consecutive year for its pioneering approaches to poverty alleviation, ACCION is among 43 organizations awarded the 2007 Social Capitalist Award by Fast Company magazine. For more information, visit www.accion.org. ACCION established operations in India in 2006. |
| ACCION Technical Advisors India, with offices in Bangalore, is registered under Section 25 of the Indian Companies Act. In 2005, Unitus and ACCION created the Unitus-ACCION Alliance for India. This strategic partnership, thought to be the first of its kind, is designed to catalyze the creation of a large-scale and profitable microfinance industry in India . The Alliance has established as its goal the delivery of microfinance services to 15 million of India 's under-privileged by 2015. |
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