YES BANK awarded ‘Best Innovation in Sustainable Financial Products & Services’ category for Blended Finance Innovation, YES BANK also becomes the only Indian Bank to be a signatory to the Karlsruhe Resolution
MUMBAI: YES BANK, India’s fourth largest private sector Bank, was awarded the Karlsruhe Sustainable Finance Award 2017 in the ‘Best Innovation in Sustainable Financial Products & Services’ category, for its innovative blended finance facility, aimed at promoting environmentally sustainable livelihood among women salt farmers in Gujarat, India.
This is the 5th consecutive year that YES BANK has been recognized at the Karlsruhe Awards. The award was presented at a ceremony held during the Global Sustainable Finance Conference at Karlsruhe, Germany.
YES BANK was awarded for its blended finance innovation, which provides credit enhancement and credit affordability grants to a local co-operative bank, making debt available and affordable to underprivileged women salt farmers. The facility also provides a grant for capacity building of women salt farmers.
YES BANK was conferred the award following a rigorous evaluation process across parameters such as innovative sustainability features, and contribution to social, environmental and economic dimension of sustainable development of India.
Commenting on the prestigious recognition, Rana Kapoor, Managing Director & CEO, YES BANK, said, “YES BANK has set a new benchmark in spearheading sustainability and this award is a true demonstration of the Bank’s commitment to sound sustainability practices. It is an honour to receive this award which further reinforces our commitment towards making sustainability the nucleus of our operations.”
Speaking on the occasion, Namita Vikas, Group President & Global Head, Climate Strategy & Responsible Banking, YES BANK, said “The move to a low carbon, sustainable economy is dependent on the mobilization of sustainable finance through innovative financial mechanisms. YES BANK is committed to lead the way in the development of such mechanisms and is grateful for being recognized by this award.”
Delegates to the 7th Global Sustainable Finance Conference (GSFC 7), supporting the U.N.-backed SDGs and the Paris Climate Agreement (COP21), collectively referred to as “Agenda 2030”, also signed the “Karlsruhe Resolution” to finance and invest in the implementation of the SDGs and COP21 projects in their respective countries. YES BANK is the only Indian bank that is a signatory to the Karlsruhe Resolution.