YES Bank strikes partnership with ACCION to launch YES Microfinance

Mumbai, Dec 6 (UNI) YES Bank today entered into a strategic partnership with ACCION International to launch 'YES Microfinance' which is a specialised and dedicated division of the bank focused on developing a pioneering strategy of direct intervention for the microfinance domain.

Briefing the media here today, Managing Director&CEO of the bank Rana Kapoor said ''As a public trust institution, YES Bank is cognizant of enabling the creation of an inclusive financial sector and sees microfinance as an efficient and commercially viable tool to achieve this goal.'' Our target is to reach 300,000 households in five-year time through this initiative, he added.

An MoU for technological collaboration was also reached between Mr Kapoor and ACCION CEO Maria Otero to this effect on the occasion.

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.

Later, replying to a media query, Ms Oterio said ''Over the last 10 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, however, this initiative has helped us putting our step in Asia for the first time, she added.

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