- Commended for digitizing fund disbursement process of Maharashtra Government’s Integrated Child Development Scheme
Mumbai, November 10, 2017: YES BANK, India’s fifth largest private sector bank, has won ASSOCHAM’s prestigious “Most Outreaching Technology Solution” Award at their Technology Solutions Awards 2017 held on 27th October at Kolkata.
The Bank was presented with the award commending its pioneering efforts towards developing a customized software for Integrated Child Development Scheme (ICDS) to digitize the fund disbursement process through Public Financial Management System (PFMS). The PFMS software that was inaugurated early this year by Hon’ble Chief Minister of Maharashtra, Shri Devendra Fadnavis, is digitizing payments for over 2,00,000 Anganwadi workers and helpers, including 80,000 Anganwadi Sevikas, 80,000 Anganwadi Madatnis and 40,000 Mini Anganwadi Sevikas.
ICDS is an Indian government welfare programme which provides food, primary healthcare and preschool education to children under 6 years and their mothers. Also PFMS, a Government of India initiative, is an end-to-end solution for processing payments, monitoring, tracking, accounting, reconciliation and reporting. PFMS is the vision of our Hon’ble Prime Minister Shri Narendra Modi to bring transparency in Government disbursements.
Commenting on the development, Nikhil Sahni, YES BANK’s Group President Government Banking & National Head Branch Banking said, “The Award stands testimony to YES BANK’s innovative efforts in digital payments. Through this mission, we aim to help digitize the payments ecosystem in India, with the view to enable seamless integration. YES BANK’s success in digitizing ICDS will propel the vision of Digital India and a less-cash economy. The new process has resulted in significant reduction of paperwork, timely payment to beneficiaries, better control on payments by ICDS and easy reconciliation. When earlier, the end-to-end turnaround time for disbursement was 1-2 months (for the funds to reach the end beneficiary), with this digitization, the time period will be reduced to 5-7 days with full transparency and in-built security.”
ASSOCHAM Technology Solutions Awards, 2017, honors solution providers for their exceptional contribution, along with innovators and rising stars.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/