New-generation private sector bank, Yes Bank, has signed a loan agreement with development finance institution DEG, under which it will borrow a 5-year loan of euros 20-million.
DEG (Deutsche Investitions-und Entwicklungsgesellschaft mbH), is one of Europe's largest development finance institutions.
The loan will be utilised for further on-lending to companies in the SME sector, a release issued here today said.
Yes Bank's Managing Director & CEO, Rana Kapoor, said: "SMEs in India constitute one of the most vital segments of the industrial economy, and through this partnership with DEG, we are pursuing the immense potential of this sector as a growth engine of the Indian economy."
DEG's Structured Financee Division's Senior Vice-President and Head, Holger Rothenbusch, said: "We are proud to support Yes Bank...We support the development of such strongly-growing commercial banks for the sake of financial sector diversification and improvement of access to financial services."
