YES Bank has launched ‘YES GST’, an overdraft facility for the MSME sector. Using the facility, MSMEs can avail overdraft of up to Rs 1 crore, based on their annual turnover, backed by GST returns. Any additional assessment of balance sheet or bank statements will not be required. This OD facility can be availed by an MSME against mortgage of residential or commercial property. The sanctioned amount can be utilized either fully or in tranches. The bank is targeting a disbursement of Rs 1000 crore through this facility during 2018-19. The bank’s total exposure to MSMEs has crossed Rs 32,500 crore as on 31 March 2018. Rajan Pental, group president and group head, Branch and Retail Banking at the bank, said through this facility, the bank wishes to address MSMEs’ need for faster and hassle-free access to working capital finance, thereby supporting them in their endeavor to be sustainable and competitive.
