YES BANK bags multiple accolades for Innovation and Digital Payments Excellence

Yes Bank received "Special Award for Innovation in IMPS" from National Payments Corporation of India.

Dec 05, 2014 04:12 IST India Infoline News Service

YES BANK, India's fourth largest private sector Bank received multiple honours for Innovation and Payments Excellence at the National Payments Excellence Awards 2014. YES BANK was bestowed with a "Special Award for Innovation" for its industry transforming innovations on IMPS (Interbank Mobile Payment Service) platform by the National Payments Corporation of India. The award was presented to YES BANK at the National Payments Excellence Awards 2014 by H.R. Khan, Deputy Governor, Reserve Bank of India.

YES BANK was recognized for its contribution of an innovative use case of using the IMPS technology forremitting money in assisted mode by migrant laborers who are technology oblivious. This use case has now taken shape of almost Rs. 50,000 Crore services in India. From 80% share of YES BANK till last year, the impact of YES BANK's model has ballooned the eco system wherein all the payment system participants use the model pioneered by YES BANK, and YES Bank now contributes to only about 15% of the grown pie! This was possible only with active support from team NPCI.

YES BANK was also adjudged as "Winner" in the Mid Sized Banks category at the National Payments Excellence Awards in recognition of excellence performance in the National Financial Switch ( NFS ) ATM Network. This award was based on several parameters including Bank's Issuing Volumes, Technical Decline Volume and Innovation at ATMs. YES BANK has pioneered several innovations including Card to Card transfer, Discount Coupons on ATMs, etc at its network of 1150+ state of the art ATMs across the country.

On receiving these awards, Mr. Rana Kapoor, Managing Director & CEO, YES BANK said "Technology and Innovation have been key mission critical pillars of YES BANK's sustained development over the last 10 plus years, and 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."

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