Yes Bank joins the initiative ‘PSB Loans in 59 Minutes’

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Yes Bank has joined the ‘PSB Loans in 59 Minutes’ initiative by the SIDBI-led association of PSBS to provide faster and flexible credit access for MSMEs. The initiative focuses to help improve business opportunities for the MSME sector, which has faced significant changes due to the unusual COVID-19 pandemic. As the nation unlocks in parts, Yes Bank is looking to offer support to the MSMEs.

Talking on the development basis, Rajan Pental, Global Head – Retail Banking at Yes Bank, stated that MSMEs is a priority sector for Yes Bank and the growth engines of the economy. To help the sector during the COVID-19 pandemic, the bank is ready to actively participate in the SIDBI- led initiative for MSME growth. The bank also launched innovative digital solutions that focus on offering MSME customers a complete range of products that are quick, useful, and suitable to fit their requirements.

Ronak Shah, Co-founder, and COO at Online PSB Loans Ltd stated that the initiative focuses on the automation of various processes in loan estimation in such a way that business and retail borrowers get an in-principle approval in 59 Minutes. The initiative allows the borrowers to choose the lender of their interest without visiting the bank branch. The solution enables the advanced algorithms to read and analyze data points from various sources including IT returns, GST data, bank statements, MCA21, etc.

Under this platform, in-principal approvals for business loans are given for a value from INR 1 lakh to INR 5 crore. The platform functions through a progressive algorithm that collects information directly from GST, fraud check, bureau check, tax returns, bank statement, among others, and automates the decision making with the highest level of information security. Once the applicant submits the loan application, the algorithm analyses the data that determines the loan amount that can be permitted all within 59 Minutes. The platform is directly combined with the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme. For the proper functioning of MSMEs and business enterprises to meet their operational liabilities, the bank offers an option to avail up to 20% of the loan outstanding under the Emergency Credit Line Guarantee Scheme (ECGLS) scheme introduced by the Government of India.

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