DBT Bureau
Pune, 14 Dec 2024
YES BANK, India’s sixth-largest private sector bank, reported the launch of YES Business, an initiative to sharpen its focus on the business segment and address their needs. YES Business is designed to bring banking and related services for MSMEs under one roof. YES Business is inspired by the way an entrepreneur cares for a growing business which is similar to raising a child, with steady effort, close attention, and genuine commitment. This business segment offers a single point access to a wide range of tools and resources that help MSMEs in managing their day-to-day operations and achieving long-term growth.
Central to this launch is the IRIS Biz by YES BANK (IRIS Biz), a digital interface that provides a wide range of integrated solutions to both simplify and strengthen business operations. By combining core banking services with additional resources beyond traditional banking, IRIS Biz enables entrepreneurs and business owners to handle multiple aspects of their enterprise using a single platform.
Key Features of IRIS Biz app :
· Simple, Digital Onboarding: Fully digital current account setup with Video KYC, reducing paperwork and shortening the time to get started.
· Integrated Account Management: A unified view that allows business owners to manage both personal and business accounts together, streamlining the way they track financial health.
· Access to Beyond-Banking Services: In-app support for accounting, taxation, payroll, and global trade finance, ensuring that critical operational tasks are easier to handle and do not require multiple external platforms.
· Merchant Solutions for Faster Transactions: Innovative offerings such as Merchant EASY and Merchant PRIME, which provide resources like soundboxes for payment confirmations, same-day settlement of funds, and extended cash deposit limits, helping merchants and traders manage transactions efficiently.
· Quick Access to Funds: Collateral-free overdrafts of up to Rs 25 lakh available through the app, ensuring timely access to working capital.
Prashant Kumar, Managing Director & Chief Executive Officer, YES BANK, said, “At YES BANK, we have always strived to redefine banking by aligning with the aspirations and challenges of businesses across India. The MSME segment in India employs the largest workforce and is the backbone of our economy. The IRIS Biz app offers a unified, tech-enabled, and customer-first solution to empower business growth. This new-age app is more than just a banking platform; it is a comprehensive business partner that goes beyond banking to cater to every need of our clients. I am confident that IRIS Biz with its 100+ features will address every entrepreneurial need, by being a catalyst in driving their success and contributing to India’s economic progress.”
This launch builds on YES BANK’s strong record in serving the MSME sector. In the first half of FY25, the Bank disbursed Rs 15,279 crore in loans to MSMEs, while the SME advances grew by 25.8% year-on-year. Mid-corporate advances rose by 25.5%, reflecting the Bank’s commitment to meeting the varied needs of businesses large and small. With YES Business, the Bank continues to focus on entrepreneurs, and offer effective, easy-to-use solutions that help them remain competitive and adapt to the changing market conditions.
The launch of YES Business powered by IRIS Biz app reiterates YES BANK’s dedication to delivering innovative, tech-enabled solutions that go beyond banking. By addressing the evolving needs of MSMEs and businesses, the Bank aims to create value and drive economic progress across the country.
