In a compelling conversation, Ms. Garima Dutt, President of CSR at YES BANK Ltd. and CEO of YES Foundation, sheds light on the bank’s impactful initiatives aimed at empowering rural and semi-urban communities. The interview explores how the bank’s strategic focus on financial inclusion, entrepreneurship, and sustainable development is fostering economic and social growth. Ms. Dutt highlights the importance of leveraging technology, partnerships, and community leadership to scale these initiatives and navigate challenges such as infrastructure gaps and sustained funding. Through a blend of strategic alignment and community engagement, YES BANK strives to create lasting change and align its business goals with social impact.
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Q. The bank claims to have positively impacted 40,000 individuals. Can you provide data on the specific outcomes, such as increased income, improved access to healthcare, or education?
A. YES BANK’s financial inclusion initiatives have led to tangible improvements in the lives of rural and semi-urban communities:
- Youth Employment and Entrepreneurship: Through its Corporate Social Responsibility (CSR) initiatives, YES BANK has committed towards catalysing employment and entrepreneurship opportunities for over 100,000 youth by 2026. As of FY 2023-24, the Bank has reached over 9,000 youths, providing them with job-oriented skills training.
- Rural Entrepreneurship: The Bank, through YES Foundation, has worked with small and marginal farmers in Gujarat, Rajasthan and Madhya Pradesh to promote sustainable agriculture, which has led to significant income enhancement. The project entails access to high quality seeds, watershed development, micro irrigation system set-up and training on scientific farming techniques. Additionally, the Bank is working with women and artisans for entrepreneurship development and providing them with handholding support and market linkages. Over 35,000 beneficiaries of the project have reported annual income increase from ₹40,000 to ₹1.3 lakh.
Q. The goal of reaching 100,000 individuals by 2026 is ambitious. What are the key strategies and challenges in scaling up rural development programmes?
A. To achieve the ambitious goal of reaching 100,000 beneficiaries by 2026, YES BANK has adopted a strategic approach that leverages technology, partnerships, and community engagement. The scaling-up process involves expanding successful programmes while ensuring their sustainability.
Key Strategies:
- Technology Integration:YES BANK uses digital tools, such as mobile apps and online platforms, to deliver financial literacy programmes, applicable scheme linkages, and entrepreneurial training at scale. By reducing dependency on physical infrastructure, technology allows the bank to reach remote populations more efficiently.
- Strategic partnerships: Expanding partnerships with NGOs, government agencies, and local community organizations is central to the Bank’s rural development strategy. These collaborations help in co-creating programmes that are tailored to the specific needs of each community. For example, partnerships with agricultural cooperatives help scale agribusiness-related initiatives, reaching thousands of rural farmers while formation of self-help groups of women, enables unlocking available schemes.
- Capacity building: Training local entrepreneurs and community leaders is crucial to creating a network of change agents who can further the Bank’s development agenda. These individuals act as local champions, facilitating programme implementation and ensuring that the benefits of these initiatives are widely shared.
Challenges:
- Infrastructure gaps: One of the major challenges in scaling rural development programmes is the lack of infrastructure in remote areas. This includes not only physical infrastructure, such as roads, but also digital connectivity, which is crucial for delivering online learning and financial services.
- Sustained funding: Ensuring consistent and long-term funding is essential to scaling operations while maintaining the quality and impact of the programmes. To address this, YES BANK is exploring a mix of internal resources, government grants, and donor funding.
- Community trust: Another significant challenge is gaining the trust and buy-in of the communities being served. Effective communication and ongoing engagement in decision-making process is necessary to ensure local participation.
Q. How does YES BANK measure the sustainability of its social impact initiatives? Are there any long-term plans to ensure the continued impact of these programmes?
A. YES BANK takes a systematic approach to measuring and ensuring the sustainability of its social impact programmes. The Bank’s Monitoring and Evaluation (M&E) framework provides the tools to assess the immediate and long-term outcomes of its initiatives, ensuring that they generate lasting value for the communities they serve.
- Key Performance Indicators (KPIs): The Bank tracks several KPIs across different domains, including income levels, skill levels and financial inclusion. These metrics are critical in determining the success of individual programmes and in identifying areas that require adjustments. For example, in its financial literacy programmes, YES BANK measures both the number of individuals reached and the percentage of those individuals who subsequently open and use bank accounts.
- Impact Assessment:YES BANK regularly conducts impact assessments, using both internal resources and third-party evaluators to ensure transparency and objectivity. These assessments involve direct feedback from programme beneficiaries and local stakeholders, ensuring that the Bank’s programmes are meeting the real needs of the communities they target.
- Self-Sustaining Models:YES BANK’s long-term sustainability strategy involves creating self-sustaining models for its programmes. This includes supporting local entrepreneurs and businesses with access to credit and training, ensuring they can continue to thrive without ongoing external support. By building the capacity of these local actors, YES BANK reduces the need for continuous external intervention.
- InstitutionalisingProgramme: In some cases, the Bank aims to institutionalize successful programmes by handing them over to community organizations. This ensures that programmes continue to operate even after the Bank’s direct involvement has ended, securing their long-term sustainability.
Q. What role do partnerships with NGOs and government agencies play in YES BANK's rural development efforts? Can you highlight successful collaborations?
A. Partnerships are at the heart of YES BANK’s rural development and financial inclusion strategies. The Bank collaborates with several NGOs, government agencies and corporates to implement large-scale programmes in a way that maximizes reach and impact.
- NGO Collaborations: YES BANK partners with leading NGOs to execute its CSR and financial inclusion programmes. For example, through this partnership, the bank focuses on designing financial literacy programmes for rural women, ensures that they not only gain access to financial services but also learn how to effectively use them to improve their livelihoods. These partnerships leverage the grassroots networks of NGOs to reach communities that the Bank might otherwise struggle to connect with.
- Government partnerships: YES BANK aligns its initiatives with national programmes such as the Pradhan Mantri Jan Dhan Yojana (PMJDY) for financial inclusion and the Pradhan Mantri Mudra Yojana (PMMY), which provides credit support for micro-enterprises. Through these partnerships, the Bank can scale its operations and deliver services that complement government efforts to uplift rural and semi-urban areas. Government collaboration also helps in securing subsidies or other forms of financial support that reduce the cost burden on beneficiaries.
- Corporate Collaborations: The Bank collaborates with corporates to drive innovation in its rural development initiatives. For instance, it partners with fintech companies to develop digital solutions that make banking more accessible to rural populations. By leveraging corporate expertise in technology and digital finance, YES BANK can scale its programmes more efficiently and reduce operational costs.
- Successful Collaborations: One notable example is YES BANK’s partnership with the Indian Institute of Corporate Affairs (IICA), which works on promoting responsible business conduct. Through this partnership, YES BANK integrates best practices for corporate responsibility into its operations, ensuring that its CSR programmes align with broader national development goals.
Q. How does YES BANK ensure that its social impact initiatives are aligned with its overall business strategy and contribute to the Bank's long-term sustainability?
A. YES BANK’s social impact initiatives are deeply integrated into its core business strategy, ensuring that these programmes not only deliver value to the communities they serve but also contribute to the Bank's long-term sustainability. By adopting a ‘shared value’ approach, the Bank aligns its social and financial objectives, creating a framework where both community development and business growth reinforce each other. Here’s how this alignment is achieved:
- ESG Integration:YES BANK is committed to achieving sustainable growth, as reflected in its strong focus on ESG principles. The Bank’s social impact initiatives are closely aligned with its ESG goals, particularly in the areas of environmental sustainability and social development. By implementing programmes that address critical issues like financial inclusion, education, and entrepreneurship, the Bank not only fulfills its social responsibility but also strengthens its ESG credentials, which are increasingly important to investors. The integration of ESG factors helps YES BANK attract impact investors and institutional clients who prioritize sustainable and responsible banking practices. As the global financial landscape shifts toward greater ESG alignment, YES BANK’s initiatives enhance its reputation, helping it to secure long-term capital from these ESG-conscious investors. This capital is crucial for supporting the bank’s expansion and growth in both rural and urban markets.
- Shared Value Creation:YES BANK’s social impact initiatives, particularly those focused on financial inclusion and literacy, directly align with its business strategy of providing financial solutions to underserved rural areas. By educating individuals about financial products and services, the Bank is effectively creating a new segment of informed customers who are more likely to use banking services, from savings accounts to credit products. This not only drives financial empowerment in these communities but also leads to increased account openings, higher deposit inflows, and the potential for greater loan disbursements, all of which contribute to the Bank’s revenue growth.
- Risk Management and Portfolio Diversification: Social impact initiatives such as those focused on rural development and entrepreneurship training play an important role in reducing the risks associated with lending in rural markets. By investing in community development—such as improving financial literacy and local infrastructure—YES BANK helps to mitigate risks for both the Bank and the communities it serves.
- Institutionalizing Sustainability:YES BANK ensures the long-term sustainability of its social impact initiatives by embedding these programmes into its broader business operations. This includes creating dedicated teams within the Bank to oversee the implementation and scaling of social initiatives, ensuring they are fully aligned with the bank’s strategic goals. Furthermore, these initiatives are designed with scalability in mind, enabling the Bank to expand them across geographies as part of its growth strategy. Additionally, YES BANK uses data and analytics to continuously monitor the performance and impact of its social programmes, making adjustments as needed to maximize both social outcomes and business benefits. This data-driven approach ensures that resources are allocated efficiently and that programmes remain aligned with evolving business objectives and market conditions.
Q. What is the guiding philosophy and mission behind YES Foundation's work?
A. YES Foundation believes that sustainable development is best achieved through collaborative efforts between corporate entities, non-profit organizations, and local communities. Its mission is to inspire India’s youth to become leaders in driving economic and social transformation by equipping them with the skills, knowledge, and entrepreneurial opportunities they need to succeed.
Committed to fostering change, YES Foundation focuses on three core areas known as the 3Es: Employability, Entrepreneurship, and Environment Sustainability. In addressing employability, the Foundation provides young people with vocational training and skills development programmes tailored to the evolving demands of the job market. Through a focus on entrepreneurship, it empowers individuals, especially women and marginalized groups, to launch and scale their own businesses, promoting financial independence and local economic growth.
Environment sustainability is central to all YES Foundation initiatives, ensuring that economic progress is achieved without compromising the well-being of future generations. Through programmes that promote climate-resilient farming practices, renewable energy, agroforestry and sustainable resource management, the Foundation aims to build resilient communities that thrive in harmony with their environment.
Through these initiatives, YES Foundation is creating a generation of socially conscious leaders who are well-equipped to drive lasting change, not only for themselves but for their communities and the nation as a whole.
Q. Can you provide an overview of YES Foundation's Employability initiatives?
A. Under the Employability vertical, YES Foundation is dedicated to bridging the skill gap in India’s workforce by offering market-relevant job skills training to underprivileged youth across diverse sectors. Recognizing the evolving demands of the job market, the Foundation’s programmes equip participants with both technical and soft skills, ensuring they are job-ready and capable of thriving in today’s competitive environment.
The technical training provided by YES Foundation is tailored to specific industries, empowering participants with skills that directly align with the needs of sectors such as manufacturing, retail, hospitality and information technology. In addition, the Foundation place a strong emphasis on developing essential soft skills, including communicative English, basic computer literacy, interview preparation, and personality development, which are critical for long-term career success.
Since 2021, YES Foundation has successfully trained over 9,000 youth across six states, ensuring that at least 70% of them secured meaningful employment upon completion of the programmes. To further enhance their learning experience, the Foundation also organized expert-led sessions featuring industry leaders, who shared valuable practical insights and real-world guidance. These sessions provide trainees with a clearer understanding of industry expectations and help them navigate the professional landscape with confidence.
Through these efforts, YES Foundation aims to not only improve the employability of underprivileged youth but also contribute to India’s broader economic development by creating a skilled, capable, and adaptable workforce.
Q. What are some of the notable achievements and impacts of YES Foundation's initiatives so far?
A. YES Foundation’s multifaceted approach has led to significant milestones and a profound positive impact across various sectors of society. Its initiatives under the Employability and Entrepreneurship verticals have not only empowered individuals but also unlocked substantial economic potential, driving sustainable development at both the local and national levels.
Through its Employability programmes, YES Foundation has successfully unlocked an economic potential of over INR 30 crores by equipping underprivileged youth with market-relevant skills and securing them meaningful employment. These efforts have created new income streams and improved financial stability for thousands of individuals and their families, while contributing to the overall growth of India’s workforce.
The Foundation’s Entrepreneurship initiatives have been equally transformative, unlocking an economic potential of more than INR 50 crores. By supporting women, artisans, and marginalized communities in establishing and scaling their own businesses, YES Foundation has fostered an ecosystem that promotes financial independence and inclusive growth. These initiatives have not only boosted local economies but also stimulated innovation and entrepreneurship in underserved regions.
In certain areas, YES Foundation’s efforts have even contributed to reversing migration trends. By providing farming-based opportunities and promoting sustainable livelihoods, the Foundation has enabled youth who had previously left their communities for work to return home and engage in productive activities. This has revitalized local economies and strengthened rural communities by reducing dependency on urban migration for economic survival.
In addition to economic development, YES Foundation is committed to environmental sustainability. Its agroforestry projects, alongside other environmental initiatives, are designed to combat climate change and promote land restoration. Over the next 20 years, these efforts are projected to sequester more than 1.7 lakh tonnes of CO2, making a significant contribution to India’s climate change mitigation goals. By promoting practices that balance economic growth with environmental stewardship, the Foundation is helping build a more resilient and sustainable future for all.
Together, these initiatives demonstrate YES Foundation’s holistic approach to addressing critical societal challenges, combining economic empowerment with environmental sustainability to create lasting, positive change.
Q. What are the future plans and goals of YES Foundation?
A. YES Foundation remains steadfast in its vision of building an empowered and equitable India. Looking forward, the Foundation will continue to drive its mission forward by expanding its focus on the 3Es—Employability, Entrepreneurship, and Environmental Sustainability. The Foundation has set an ambitious goal of creating employment and entrepreneurship opportunities for 100,000 youth by 2026. By providing relevant skills training, nurturing entrepreneurial mindsets, and fostering market linkages, YES Foundation aims to unlock the economic potential of underserved communities while ensuring that sustainability remains a core part of its initiatives. YES Foundation’s commitment to environmental stewardship will continue through projects that promote climate-resilient farming, sustainable livelihoods, and land restoration efforts.
To achieve these goals, YES Foundation will strengthen collaborations with key stakeholders across the development ecosystem. By forging deeper partnerships with government agencies, corporate entities, and not-for-profit organizations, the Foundation aims to amplify its impact and scale its initiatives more effectively. These collaborations will help align with broader national and global development goals, leverage shared expertise, and mobilize resources to ensure that interventions are both sustainable and far-reaching. Together, YES Foundation seeks to create lasting, systemic change that addresses critical economic and environmental challenges, contributing to the overall development and empowerment of India.
