Yes Bank has always walked on the path of responsible and dutiful banking, as carved out by its Founder and former MD & CEO, Rana Kapoor
Even as it cemented its position as a major private banking player, Yes Bank kept sight of the trajectory laid down by its Founder, Rana Kapoor. Working diligently in pursuit of “Responsible Banking” ethos, he prioritized sustainable initiatives which were supported by the framework to “Promote, Invest, Engage, Collaborate and Monitor”. He defined Responsible Banking as, “In today’s increasingly interconnected societies and economies, the solution to our shared challenges and ambitions requires a collective, ‘glocal’ approach that is driven through ‘Alliances, Relationships and Technology”.
The central tenet behind Yes Bank’s Inclusive & Social Banking was the belief that not only would this contribute to inclusive growth, but it would also improve social justice for Indians who were yet to be formally inducted into the banking sphere. In this regard, it launched various schemes to offer solutions and services to ‘emerging India’, with special focus on rural and semi-urban areas.
Envisaged by Rana Kapoor, the Frugal Innovations for Financial Inclusion (FI4FI), the Bank’s specialist Business Unit for Inclusive and Social Banking (ISB), operated to utilize ICT and frugal business models to deliver targeted financial solutions. By leveraging the Bank’s vast branch network, technical edge, and relationships in Public, Private, and Social Sectors, ISB aimed to reach out to those who are financially marginalized in society.
With the Livelihood Enhancement Action Program, ‘YES LEAP’, the bank empowered over 230,000 Self Help Groups across 260 districts through its lending and financing schemes. It formed partnerships with NGOs, private institutions, SHGs and expanded its reach to almost 20 lakh homes, especially in rural areas. The digital recording of payments, receipts, and SHG meetings enhanced the effect and delivery of YES LEAP.