12, Feb 2024
YES BANK and CNBC-TV18 join forces to chart India’s $10 Trillion economy path
Mumbai | 12th January 2024: YES BANK, one of India’s leading private sector banks, in collaboration with CNBC-TV18 and Max Life Insurance, recently organised ‘The Growth Summit – Envisioning a $10 trillion Economy. The launch event was held in Mumbai on Thursday, the summit brought together policymakers, industry stalwarts, startup visionaries, and academic luminaries to deliberate on critical aspects pivotal to India’s economic advancement. Central to the discussions was the government’s ambitious 25-year roadmap aimed at positioning India as the world’s third-largest economy, with a targeted GDP of $10 trillion.
In the opening remarks, Mr. Prashant Kumar, Managing Director & CEO, YES BANK, said, “This is a first-of-its-kind initiative presented by YES BANK, along with CNBC-TV18. This summit is aimed at envisioning India’s path to self-reliance and economic prosperity. Bringing together business leaders, policymakers, experts and visionaries to explore how the key factorial strength and latest business trends can be leveraged to accelerate our nation’s economic progress towards a $10 trillion economy. Transferring India from a services-dominated economy to one that is powering growth on the back of its domestic manufacturing. The Indian government has outlined its long-term strategic focus aligned with the Hon’ble Prime Minister’s vision of a strong and developed India in the nation’s 100 years of Independence. I would like to thank everyone for being part of this journey of achieving a $10 trillion economy roadmap.”
During his address, Mr. Kumar announced the launch of ‘Yes Private’, the bank’s newest market offering that aims to partner HNI Business owners and C-Suite executives in their endeavor to leverage the opportunities on the road towards a $10 trillion Indian economy.
He added, “Yes Private has been thoughtfully curated to complement the retail and wholesale banking offerings in the market. It integrates the Bank’s expertise across the spectrum and brings a full-stack product suite for HNIs across Family Banking, Business Banking, Wealth Management and Succession Planning needs. The program also lays out extraordinary privileges and experiences for clients pertaining to their distinct lifestyles in India and abroad.”
In an engaging fireside chat on ‘Getting India Ready For Business’ featuring Ms. Arundhati Bhattacharya, CEO & Chairperson of Salesforce India, she said, “Boosting social infrastructure through smart investments is key to moving forward, as shown by the various government’s schemes. They aim to lift up the most vulnerable groups – like the poor, women, students, and farmers – who make up a big part of our population. Without achieving parity in productivity between women and men, the goal of attaining a $10 trillion economy by 2030 will remain elusive. Farmers haven’t reached their full potential yet. Our youth, who is the strength of our country, needs support. India will always be a basket of talent.”
The day progressed with a thought-provoking panel discussion on ‘Kickstarting Private Investment: Risks, Rewards & Requirements’, where panellists Vineet Mittal, Chairperson of Avaada Group, and B Thiagarajan, MD of Blue Star, exchanged insights. Subsequently, a candid conversation with Indian Tennis Player & Grand Slam Champion/World No.1 Rohan Bopanna captivated the audience.
The evening continued with an engaging fireside chat, exploring the themes of ‘Opportunity Meets Optimism: Making The Most of India’s Moment.’ Dr. Anand Deshpande, Founder & CEO of Persistent Systems, shared valuable insights, stating, “It is very clear that India will get to a $10 trillion economy mark and I am very excited about that. In addition to engineering and other investments that we are looking at, we need to focus on some level of research and the higher end of the food chain in some sense. While we do this, we need to focus on entrepreneurship, especially at the grassroots level and their communication of education and entrepreneurship would be the two things that I would focus on. I believe that we need to move towards a world where there is continuous learning and the facilities of practical knowledge at educational institutions. India has the potential to be the leader, we have the largest number of people who know how to use AI and other software.”
The event transitioned seamlessly into another fireside chat featuring Mr. Praveer Sinha, CEO & MD of Tata Power, discussing ‘Investing Today in Tomorrow’s Growth.’ While giving insights into India’s energy transformation, Sinha said, “The power sector has undergone significant transformation over the past two decades. We’ve witnessed a doubling of capacity every decade: from 100 gigawatts in 2000 to 200 gigawatts in 2010, and currently exceeding 430 gigawatts. Ensuring affordable electricity access for all consumer categories remains crucial.”
The concluding panel discussion titled ‘Shaping A New Growth Mindset Through Innovation & Ideas,’ highlighted luminaries such as Shailesh Dhuri, CEO of Decimal; Neeraj Jain, Director of SolarSquare Energy and Riddhi Jhaveri, Director Intermed Laboratories, Sanjeev Prabhu, MD Lizmontagens India. It was followed by The ‘Masterclass on Brain Mapping’ by Kumaar Bagrodia, Founder, NeuroLeap.
The closing note was delivered by Ranbheer Singh Dhariwal, CEO, Max Life Pension Fund Management, concluding the summit on a high note.
CNBC-TV18’s ‘The Growth Summit – Vision for a $10 trillion Economy’ underscored India’s trajectory towards economic prosperity, as industry leaders and experts converged to chart a path towards a $10 trillion economy. With diverse voices and ideas from different industries, the summit left an indelible mark on the audience and shared a unique vision for India’s journey towards achieving its ambitious economic goals. The upcoming summits to be held in Ahmedabad, Bangalore, Delhi & Hyderabad.
- 0
- By Rabindra
17, Jan 2024
Hitachi Payment Services launches its new financial inclusion initiative
Mumbai, January 17, 2024: Hitachi Payment Services, India’s leading payments and commerce solutions provider today launched its financial inclusion business to redefine access to financial services for the underbanked and unbanked sections of society. Through this strategic launch, the company has added a critical extension to its existing bouquet of services and will further drive inclusive growth.
List of services includes – Aadhaar Enabled Payment Services, Micro ATM Services, Domestic Money Transfers, Mobile & DTH Recharges, and Bill Payments
For the initial launch, Hitachi Payment Services has partnered with YES BANK, demonstrating its commitment to collaborative efforts for financial inclusion. The partnership leverages YES BANK’s strong banking expertise and Hitachi Payment Services’ extensive network and technology infrastructure to provide reliable and secure financial services to the underserved.
The financial inclusion business will be operated under the brand ‘Hitachi Money Spot Plus’ through a network of retailers called Hitachi Partners and will have a strong focus in Tier 3 to Tier 6 towns across the country. Driving financial empowerment and innovation, the array of services under financial inclusion business has been made available through its comprehensive app ‘Hitachi Money Spot Plus’ on Google Playstore. The app provides a convenient one-stop platform for financial services and this digital approach complements the Hitachi Partners network, ensuring accessibility and seamless service delivery across the country.
On the launch of the financial inclusion initiative, Anuj Khosla, Chief Executive Officer – Digital Business, Hitachi Payment Services, said, “The remarkable growth of internet penetration and financial literacy in India, especially in our rural communities, presents an urgent call for a resilient payment infrastructure that can keep pace with this rapid expansion. Retailers and merchants are the last mile touchpoints, enabling easy access to finance for customers. Recognizing this, we are extending our services to include financial inclusion initiatives. In essence, we are not just building a payment infrastructure; we are building bridges to financial empowerment and contributing to the nation’s progress.”
Mr. Naveen Chaluvadi, Chief Digital Officer at YES BANK, said “YES BANK has partnered with Hitachi Payment Services to launch Hitachi Money Spot Plus as part of our commitment to promote financial inclusion. This initiative is aimed at enabling financial transactions at hinterlands, focus on taking digital benefits to last mile in an assisted digital mode”.
Anuj Saraswat, Business Head, Financial Services & Inclusion, Hitachi Payment Services, stated “At Hitachi Payment Services, innovation and financial empowerment are the guiding principles that drive everything we do. We believe that everyone should have access to the financial tools and resources that they require to progress, and we are committed to using technology to make that a reality. Our mission is to bridge the financial divide to empower individuals and communities to thrive. With ‘Hitachi Money Spot Plus’ we have embarked on a transformative journey to build a more inclusive financial ecosystem in India.”
17, Jan 2024
YES BANK marks historic milestone: Becomes first Indian Bank to conduct Export Finance Transaction
Mumbai, January 17, 2024: YES BANK becomes the first Indian Bank to execute an export finance transaction on the International Trade Financing Services Platform (ITFS) of RXIL Global IFSC Limited (RXIL), a leading cross-border fintech company registered under the International Financial Services Centres Authority (IFSCA). This strategic partnership facilitates arranging credit for exporters & importers from both Indian and Global Institutions through Factoring, Forfaiting, and other trade financing services at competitive pricing with quick turnaround using a digital platform. This is the first transaction on the ITFS platform in collaboration with any bank in the country.
Talking about the partnership, Mr. Ajay Rajan, Country Head – Government, Multinational & International Business, Transaction Banking & Knowledge Units at YES BANK, said “We are delighted to be a part of this key strategic milestone. The collaboration between YES BANK and RXIL is a testament to the Bank’s commitment towards digitalisation and fostering cross border business. We strongly believe that this product is set to redefine the landscape of international trade finance and through this, the Bank reinforces its commitment to contribute and align with the Government’s aim to make India a global trade finance powerhouse.”
Mr. Ketan Gaikwad, Director of RXIL Global IFSC Ltd and MD & CEO of RXIL, said “RXIL is at the forefront of driving transformative change in the cross-border trade finance. The setting up of the ITFS in IFSC, GIFT City Gujarat is aimed at tapping global capital flows to meet India’s development needs and simultaneously provide a globally competitive financial platform for the full range of international financial services at the regional and global level. Our collaboration with YES BANK, coupled with digital banking capabilities, will play a pivotal role in achieving our mission of intensifying India’s Trade finance landscape by making competitive credit available to Exporters and Importers.”
This partnership signifies a new era in cross-border payments, providing a seamless and efficient platform supporting the growth and development of Indian and global enterprises in unleashing their full potential towards global trade and commerce under the envision of IFSCA.
29, Dec 2023
Pioneering Sustainability: YES BANK tops Indian Banks with highest S&P Global ESG Score in 2023
Bengaluru, December 29, 2023: YES BANK has reached a notable milestone in its commitment to sustainability by achieving the highest Environmental, Social, and Governance (ESG) score amongst Indian banks, in the S&P Global Corporate Sustainability Assessment (*CSA) 2023. The Bank scored 73 (out of 100) in the 2023 S&P Global Corporate Sustainability Assessment, reflecting a marked improvement of 5 points over its score of 68 in 2022. This achievement reflects YES BANK’s consistent efforts to enhance its ESG practices year after year.
The S&P Global CSA is considered one of the most comprehensive and granular assessments of corporate sustainability. It analyses up to 1,000 data points of an organisation’s performance across diverse aspects such as Climate Strategy, Operational Eco-Efficiency, Financial Inclusion, Human Capital Development, Human Rights, Corporate Governance, and Risk Management, amongst others.
Mr. Niranjan Banodkar, Chief Financial Officer and Head – Sustainable Finance, YES BANK, commented on this achievement, saying, “Our improved score of 73 in the 2023 S&P Global CSA, as of December 1, 2023, emphasises our unwavering dedication to sustainability. Beyond mere metrics, it signifies the seamless integration of ESG values into our daily operations. We are resolute in championing eco-friendly initiatives, advocating responsible lending, and fostering inclusivity in banking. ESG isn’t just a checklist; it’s ingrained in our bank’s culture and decision-making ethos. We aim to elevate sustainability as a fundamental aspect of our identity.”
YES BANK has been a leader in sustainable banking initiatives. It was the first Indian Bank to report financed emissions of its electricity generation loan exposure and set targets in line with the Science Based Targets initiative. The Bank has committed towards achieving net zero emissions from its operations by 2030 and aims for 25% gender diversity in its workforce by FY 2024-25.
The Bank has implemented an Environment and Social Risk Management System (ESMS) to manage its financing activities’ environmental and social impact. YES BANK has also developed and brought to market a number of new financial instruments such as India’s first Green Bond in 2015 and India’s first Green Fixed Deposit in 2018.
In 2023, YES BANK was also included in the FTSE4Good Index Series, recognising its commitment to ESG investing.
* Corporate Sustainability Assessment
