YES BANK appointed as 'Country Manager' for development of Co-Operative Tourism in India

Company Brief

Mumbai, March 10, 2011

YES BANK, India's new age private sector Bank, has been appointed as the 'Country Manager', India, by Queen Margaret University, Scotland, UK, for the development of a co-operative tourism project in rural India. The pilot project is aimed at showcasing the potential of tourism in achieving inclusive and sustainable economic development, and the need to introduce an innovative scalable business model with involvement of cooperatives. YES BANK is the only Indian Bank in this partnership which will demonstrate a first-of-its-kind knowledge exchange platform between academic and business tourism specialists, international NGOs and a Bank engaging to achieve development in Rural India. The project has initially identified two states - Uttarakhand and West Bengal to undertake this initiative. The agreement was signed on March 8, 2011 by Queen Margaret University and YES BANK in Edinburgh, Scotland, UK.

The project, being funded from the Scottish Government's International Development Fund will establish a co-operative tourism development project in rural India that will run over a period of two years and nine months. Queen Margaret University, the lead partner has experts with substantial proficiency in international tourism, social enterprise projects in its School of business, and Management & Enterprise, and will contribute through its research on the development of a sustainable business model. They will work in partnership with Dunira Strategy, the Edinburgh based tourism consultancy, which will directly oversee Destination Development. The project aims to use Scottish expertise to deliver sustainable economic development in some of the most socially and economically disadvantaged communities in rural India.

Through the Strategic Initiatives & Government Advisory Division (SIGA), YES BANK as Country Manager will facilitate in-country activity and expertise including advising the project on home-country dynamics, leveraging local networks, introductions to key stakeholders, project related activities and logistics in the field. YES BANK will also partner in exploring and identifying opportunities for replicating the model. The Bank will jointly document outcomes towards showcasing its potential as a mass-development model in India and internationally, including taking this to the Government of India for its consideration as a part of policy.

Speaking on this occasion, Mr. Rana Kapoor, Founder, Managing Director & CEO, YES BANK said, "YES BANK has consistently advocated the need for innovative and inclusive scalable business models when structuring projects for the micro-sector. It is the development of such projects that will empower these communities through job creation or supplemental income aimed at predominantly agricultural / rural communities, and provide them an equitable share in India's growth. This is the way forward not just for rural development in India, but also towards financial inclusion, which can be best achieved by driving growth in the rural economy. It is our privilege to partner with Queen Margaret University and Dunira Strategy, and YES BANK remains committed to support under-banked and un-banked communities through such developmental initiatives."

Mr. Mark Dolan, Country Manager- India, Scottish Development International said, "I congratulate YES BANK and Queen Margaret University on signing this contract, the first of its kind, it's typical of the creative win-win projects Scotland and India are building together these days. Scotland's academic excellence is proving to be an important partner for India. Yes Bank with their strong links to Scotland recognize this and thanks to their initiative together with QMUs excellence in this area we're witnessing something inspirational not just in sound business terms but in very worthwhile work."

Fiona Hyslop, Minister for Culture and External Affairs, said: "This project will help over 1,000 individuals in rural India fight their way out of poverty, including women and other marginalised groups. It will enable communities to capitalise on their cultural and natural heritage by creating tourism opportunities in order to achieve sustainable economic growth. YES BANK and Queen Margaret University are committed to working together to improve rural development in India and increase financial inclusion for all and I wish them well with this excellent project."

Andy Frew from Queen Margaret University (QMU), a world expert in eTourism, explained: "Much of QMU's research focuses on creating sustainable business models. The concept behind this project will help to create a more sustainable future for India's tourism industry by spreading the economic benefits across the country and by encouraging rural agricultural economies to develop destination management organisations which will benefit their communities. This won't be something that is achieved overnight, but it's about building expertise for the future and exchanging skills."

YES BANK currently has a network of 185 branches in 149 city locations across India with over 225 ATMs, and two National Operating Centres in Mumbai and Gurgaon.

For further information, please contact:

YES BANK

Supriya Saxena

Tel: 022-66209057

Email: supriya.saxena@yesbank.in