17 April 2018 Current Affairs: Yes Bank announced the launch of ‘Yes GST’, an OD (over draft) facility for Micro, Small and Medium Enterprises (MSMEs).
Through this, an MSME can avail OD up to Rs 1 crore, based on their annual turnover, backed by GST returns.
Any additional assessment of balance sheet or bank statements will not be required.
This OD facility can be availed by an MSME against mortgage of residential or commercial property.
The sanctioned amount can be utilized by the MSME either fully or in tranches.