Mumbai, Oct 18 (KNN)  Focusing more on the small sector, private sector lender Yes Bank and credit rating company Care Ratings have joined hands to offer services and products in the SME segment.

Focus will also be given towards creating awareness on the importance of external ratings for SMEs and on different funding opportunities through workshops.

Senior President of Business Banking from Yes Bank, Sanjay Agarwal said, “MSMEs are extremely critical for the Indian economy as they generate significant employment opportunities and export revenue.”

Head of SME, Care Ratings, Mehul Pandya, said, “While access to finance remains a key challenge for SMEs, their dependence on bank credit is high in the absence of alternate financing avenues.”

Customisation of product/ service offerings and enhanced outreach will be the key to facilitate adequate access to credit for the SMEs. With ratings covering an increasingly large segment of the MSMEs, the benefits of rating in terms of easier access to bank finance are being acknowledged, he told media.

Both partners will also undertake focused research studies in the SME segment, the bank said in a statement. (KNN/SD)