YES Bank continues its march towards setting new standards in customer service and excellence in innovation and payment systems. At a glittering award function organized in Mumbai on 5 December, the bank outshone other big banks of the country as it was bestowed multiple awards. The function that was attended by Shri H R Khan, Deputy Governor of the RBI, saw YES Bank bag the Special Award for Innovation. This award was given to the bank for its revolutionary innovations on IMPS. IMPS stands for Interbank Mobile Payment Service and it is provided on a platform developed by National Payments Corporation of India.
Special Award for excellence
YES Bank was chosen for this prestigious award because of its innovative use of the IMPS platform that helps migrant laborers remit money to their families back home. These innovations make it very easy for these laborers who are not technology savvy. The new payment model developed by Yes Bank is so effective that it s being used by most of the banks in the country. The use case of Yes Bank now accounts for 50000 Crore services in the country. Yes Bank had a lion’s share of about 80% of such transactions but after just one year, the bank has a modest share of just 15% as it has been accepted and incorporated by most of the other banks. NPCI played an important role in the spread and acceptance of this model of payments.
National Payments Excellence Award 2014
Another award that Yes Bank bagged at this award function was National Payments Excellence Award 2014 in the category of mid size banks. This award was given to the bank in recognition of its outstanding performance in NFS ATM network. This award took into consideration issuing volumes, declines on account of technical problems, and innovations adopted by the bank in its ATMs. Yes Bank has emerged as a leader in card to card transfers and its innovating feature of issuance of discount coupons on use of its ATMs has been seen as a revolutionary feature in Indian banking system. The bank has at present more than 1150 ATMs operating across the length and breadth of the country.
CEO expresses his satisfaction
The awards were accepted on behalf of Yes Bank by Mr. Rana Kapoor, who is the Managing Director and the CEO of the bank. Speaking on the occasion, Kapoor said, ‘’Technology and Innovation have been key mission critical pillars of Yes Bank’s sustained development over the last 10 plus years, ad being recognized by the National Payments Corporation of India is a true reflection of our uncompromising efforts. Yes Bank’s IMPS innovations have transformed the micro remittance space and greatly bolstered the key agenda of Financial Inclusion. Such prestigious awards reinforce our commitment towards employing industry leading innovation towards realizing our vision of ‘’Building the Best Quality Bank of the World in India by 2020.’’
An overview of Yes Bank
Yes Bank that has become the 4th largest private sector bank in India today is the result of untiring efforts and dedication of Mr. Rana Kapoor and his team of professionals. He has been working on a single point objective of establishing a world class bank with highest quality customer centric services to boost business in India.
Yes Bank has always strived to adopt best and fair trade practices in its quest to provide best quality service to its clients. The bank provides the best and customized banking solutions to its esteemed clients. Yes Bank has always been a technology driven bank ad it has sought to provide the best user experience to its clients whether in retail or the corporate sector. The bank has a dream of becoming the Best Quality Bank of the World in India and it has already acquired the image of being a very professional bank.
About Sanjay Tandon
Sanjay Tandon is a graduate engineer from IIT Varanasi. He has been writing as a freelancer for many years. He loves to write on various niches. He is passionate about politics and economy and spends his free time watching news channels. He is also an expert on relationships.