YES BANK, CARE India launch Social Deposit Account
YES BANK, one of the largest private sector banks in India, has launched the country's first Social Deposit Account in collaboration with CARE India, through which the bank's customers can donate a part of their interest for philanthropic activities.
New Delhi: In spite of India’s encouraging macroeconomic growth, over 400 million people still live under poverty. In an effort to address poverty and inequity in the country, YES BANK has partnered with CARE India to launch a unique banking product that will enable account holders to donate a certain percentage of their interest directly to CARE India for its philanthropic activity.
- Speakers at the launch of YES BANK's 'Social Deposit Account' in collaboration with CARE India/ Photo credit: Anubha Shukla/OWSA
“We have learned that if we really want to be effective in addressing poverty and inequity, one of the strategic areas to focus on is to work with women and girls from the poor and marginalised communities,” said Dr Muhammad Musa, CEO & Country Director, CARE India. Musa said that growth is more inclusive when women are involved in the process of sustainable development.
YES BANK has over 330 branches spread across 200 cities. The bank has also signed an Memorandum of Understanding (MoU) with the Indian Army in September 2011 to provide customised accounts for army jawans.
Somak Ghosh, Group President – Government & Development Banking, said, “We can not call ourselves a successful bank if we divert ourselves from the realities around us. There is poverty, lack of access to healthcare and education, so this banking product is our small way to contribute to the society.”
YES BANK and CARE India signed a MoU to make this facility available so that the bank's customers are able to do their bit for the welfare of the society.
The donors can be sure that their money is reaching its desired destination as the bank will send regular reports and updates on CARE India's development initiatives. Anybody who donates can inquire where the money has been spent. Also, the moment CARE India gets the money, a tax exemption certificate will be issued to the individual.
CARE India is working in the areas of health, education, economic development, disaster management and associated climate change issues for the past 61 years.
