Yes Bank under the leadership of Rana Kapoor provided support to the Indian agricultural sector, forged partnerships to promote organic farming and customized fintech products for the industry
YES BANK is a high-quality, customer-centric, and service-driven bank that has grown from inception in 2004 to now provide a complete range of products, services, and technology-driven digital offerings, catering to corporate, MSME & retail customers. Headquartered in Mumbai, it’s a pan-India presence across all twenty-eight states and nine Union Territories in Bharat together with an IBU at GIFT City, and a Representative workplace in Abu Dhabi.
Under Rana Kapoor’s leadership, Agri and Food Business has been a key focus sector for Yes Bank. Yes Bank has successfully fostered the holistic development of India’s Food and Agribusiness sector by providing comprehensive banking solutions driven by strong knowledge expertise since inception. Moreover, the bank has emerged as a leading knowledge resource in this sector by providing innovative advisory services and detailed research reports.
In 2007, Rana Kapoor drove the bank towards entering into a partnership with the Agriculture Insurance Company of India (AIC) with the motive to distribute agriculture insurance products to its customers which included crop insurance products and weather derivatives to protect the farmers.
Working along the same lines, Yes Bank launched Yes Joint Liability Group (JLG, an initiative to provide banking services and products to people, especially in the rural and the semi-urban areas of India. Following the methodology of Joint Liability Group, it strives to provide term loans to its members, for the purpose of empowering their income generation and social development. The bank cooperates with NBFCs and other institutions to provide direct financing to this target group. These institutions have extensive networks in India and cover the most deprived and economically disadvantaged people.
Moreover, Yes Bank has backed and collaborated on R&D projects, National Skills Foundation of India, which have resulted in innovations like Grain Moisture Detection, Agricultural Drone Sprayer, Agrisk Data Analytics.
India has always been agriculture driven nation and even after 75 years of independence, the agriculture sector continues to be the dominant sector of employment with almost 50% of the working population employed in agriculture. It also contributes about 20% to the Indian GDP and stood as the only sector that reported a positive growth during the COVID-19 pandemic. In today’s modern day and age, the agricultural sector needs constant evolution and upgradation through latest technologies like Internet of Things (IoT), Smart Sensors, Agricultural Robots, and Satellite Imagery.
The gaps in the operation style of agriculture sector and resources available have been filled with customised financial products from Yes Bank. Rana Kapoor ushered in the usage of cutting-edge technology in banking and specialised products for the agricultural sector of India by building customized fintech solutions to meet the needs of this sector. In Maharashtra, the bank also cooperated with the government to initiate a yellow revolution to increase egg production.
In addition to State Governments, Yes Bank under Rana Kapoor worked closely with other Government Ministries such as Food Processing, Agriculture, Commerce & Industry to catalyze the investment ecosystem and on several key policy initiatives of national importance. The long history of Rana Kapoor’s immense contribution to the agricultural sector has been recognised and applauded across the nation. His expertise in finance and agriculture also got him acknowledgment from GB Pant University – the institution behind India’s Green Revolution. In May 2011, he was awarded a Doctorate in Science from GB Pant University of Agriculture and Technology for his contribution to the food and agribusiness sector in India through innovative banking for farmers and agribusiness entrepreneurs. With his knowledge-driven approach and intensive efforts, he has been instrumental in promoting agriculture and ancillary sectors such as agri-tourism and has continued the legacy of the Green Revolution in the 21st century.
Source: Telegraph India
