YES BANK Launched Cluster Banking Initiative in Ujjain District

YES BANK announced the launch of a cluster banking initiative in the district of Ujjain, Madhya Pradesh.  The Bank has adopted Ujjain as a cluster, which is part of a larger objective of providing easy access to finance across rural areas through digitization as well as increasing banking penetration in the less-developed geographies of the country. With this launch, the Bank aims to bring forth comprehensive financial solutions to focused cluster groups comprising both, businesses and individuals, thereby impacting multiple lives across the local value chain of Ujjain and its neighbouring districts by taking banking services to the last mile.

The announcement of the cluster banking initiative in the district of Ujjain comes close on the heels of the Bank’s first cluster banking initiative that was launched in August 2022 at Pimpalgaon in the district of Nashik, Maharashtra. Incorporating the learnings and successes achieved in Nashik, the Bank plans to launch more such focused banking initiatives in various geographies across the country.

Currently, YES BANK has a vast footprint of 15 branches, 16 ATMs, 10 Business Correspondent Banking Outlets (BCBO) and over 5,000 Business Correspondent (BC) points within the Ujjain cluster that also comprises the neighbouring districts of Indore, Dewas, Dhar and Ratlam, making the Bank a market leader in financial inclusion. Since the launch of this initiative, the Bank has added three more branches in Indore, one in Ujjain (near the Mandi) as well as six BCBOs that has helped in expanding its distribution network across the region.

Commenting on the launch, Mr. Prashant Kumar, MD & CEO, YES BANK, said, “The launch of our second cluster banking initiative is in alignment with our larger objective of being deeply rooted within the local markets, and being a catalyst in the growth of the district of Ujjain and its surrounding areas. The launch is in line with our vision of providing last-mile banking through focused and customized banking solutions across Ujjain’s value chains of wheat, soya bean, pharmaceuticals, auto, and auto ancillaries by involving local participants of the key ecosystems. With this initiative, the Bank wishes to be present within the district of Ujjain as a banker of choice and help the local population improve their livelihood.”

Given its commitment to drive financial inclusion across rural regions, YES BANK has conducted more than 65 events in various villages, Mandis and other key locations within the Ujjain cluster to popularize the Bank’s work as well as spread awareness about banking and financial inclusion. Further, the Bank has also set up a skilling center for the youth in Ujjain through which it has trained over 250 students in the field of logistics, tourism and hospitality, and digital marketing, among others. The Bank is now working towards facilitating tree plantation drives as well as creating entrepreneurship opportunities for rural women in the local areas of Ujjain.