YES Bank announced the launch of YES KIRAN, a loan proposition designed to provide financial support to Micro, Small and Medium Enterprises (MSMEs) manufacturers who want to install solar panels on their premises. According to the official press release, the bank’s goal is to help small and medium scale businesses to adopt sustainable energy practices with cost efficiency by assisting them in reducing their expenses for power and fuel.
The company’s mission is to provide simple financial solutions that encourage MSMEs to embrace solar energy-led best practices and assist them accomplish their sustainability goals by freeing up more funds for business-related needs. MSMEs will profit from the YES KIRAN programme by receiving lower operational costs, a flexible loan tenure at affordable interest rates, and a wide selection of tie-ups with renowned solar panel manufacturers and installers.
In November 2022, Tata Power Solar Systems Limited,a wholly owned subsidiary of Tata Power Renewable Energy Limited partnered with Union Bank of India (UBI) to assist the MSME sector for undergoing the transition to solar solutions. The association will be implemented through UBI’s solar scheme named ‘Union Solar’ that will be launched across the entire country to relieve the stress of higher power costs and grid constraints on MSMEs.