Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

YES BANK & Welspun Partner to facilitate Industry-first Electronic Presentation of Export Documents

Posted On: 2018-11-22 19:10:29

YES BANK, India's 4th largest private sector bank announced that it has completed a first-of-its-kind digital transaction with Welspun Global Brands Limited (WGBL) - a subsidiary of Welspun India Limited, in the form of e-Presentation, involving end-to-end electronic presentation of export documents. WGBL has yearly export flows of ~USD 700 MM. With this transaction YES BANK becomes 1st Indian Bank to facilitate Electronic Presentation of Export Documents.

The electronic documentation of International Trade e-presented through a digital platform built by UK-based Bolero International will replace the need to exchange physical documentation, thereby reducing turn-around-time from 10 days to real-time for all parties involved, while establishing a precedent for faster, secure, cost-efficient settlement of crossborder trade, resulting in optimization of working capital.

Commenting on the development, Mr. Ajay Rajan, Group President and Global Head Transaction Banking Sales at YES BANK said, "Collaboration and innovation have been the mainstay at YES BANK since inception and the Bank has emerged as a leader in digitizing the Trade finance space in India. In yet another industry-first initiative, we are pleased to partner with Welspun and Bolero to facilitate digitization of presentation of export documents. With the introduction of electronic presentation of documents under collections and Letter of Credit, we aim to leverage our strength in establishing collaborative ecosystems to not only transform work-flows at the bank's level but also effect significant manpower and turn-around-time reductions for all partners involved. We will soon extend this service to all our clients involved in cross-border trade."

Mr. Altaf Jiwani, CFO, Welspun said, "Embracing technology is part of Welspun Group's DNA. With Welspun, being one of the leaders in the Home Textile industry, it is our constant endeavor to work towards bringing the ease of business across our trade partners through technological advancement. Welspun Global Brands Limited (WGBL) along with Bolero and YES Bank have developed an architecture that will eliminate physical paper work in cross-border trade through e-Presentation. The system will allow complete visibility of movement of the documents, thereby ensuring transparency in the entire process and making audit trail a possibility in real time."

Commenting on the partnership with YES BANK and Welspun Global Brands Limited (WGBL), Gary Cutress, Sales Director from Bolero International said, "We are very excited to be partnering with YES BANK helping them to deliver innovative solutions to their customers. For Bolero it is yet another landmark that points to how we are at the centre of India's trade revolution, leading the advance towards digitization, greater efficiency and transparency. We look forward to continuing an excellent and rewarding relationship."

This novel initiative not only allows for operational efficiencies but also helps the Bank strengthen existing relationships and create a secure platform for 360 degree visibility and audit trail from creation to surrender.

Shares of YES BANK LTD. was last trading in BSE at Rs.195.55 as compared to the previous close of Rs. 198. The total number of shares traded during the day was 4158330 in over 27508 trades.

The stock hit an intraday high of Rs. 203.85 and intraday low of 194.5. The net turnover during the day was Rs. 829198200.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

MEP Longjian Loha Waranga Road Pvt Ltd receives appointed date from NHAI

Kalpataru Power Transmission Ltd to acquire 85% stake in Linjemontage i Grastorp AB

Infibeam Avenues Ltd acquires 100% stake in Vavian International Ltd

MEP Longjian CLR Pvt Ltd gets appointed date for its project

Amarjothi Spinning Mills Ltd acquires shares in Premchander Green Energy Pvt Ltd

Coastal Gujarat Power Ltd to sell stake in subsidiary

MEP Longjian ACR Pvt Ltd updates on project

Jet Airways board approves the conversion of lenders' debt into equity

Indiabulls Real Estate Ltd to raise Rs. 600 crore through NCDs

Shalby Ltd updates on implementation of Ayushman Bharat Yojana in Gujarat

The Ramco Cements Ltd bags awards at India Green Manufacturing Challenge - 2018

Gulf Oil Lubricants repays long term non-fund based facilities

Vaibhav Global climbs to 147th rank in Fortune India's Next 500 list

NGL Fine Chem Ltd signs MOU to acquire company

Shree Cement Ltd board to consider Q4, FY19 results, final dividend on May 18, 2019

City Union Bank has opened 4 new branches

CARE reaffirms ratings of NOCIL Ltd

Pritish Nandy Communications Ltd to commence Season 2 of Four More Shots Please!

Airtel further simplifies tariffs with new calling rates

BCL Industries Ltd board to consider conversion of warrants

Jet Airways India Ltd updates on resolution plan

Yuken India Limited updates on JDA with Brigade Enterprises Ltd

Tourism Finance Corporation of India Ltd appoints Mr. Anirban Chakraborty as MD & CEO

Shanthi Gears Ltd appoints additional director

Cochin Shipyard Ltd receives order for 9 vessels

Rainbow Denim Ltd suspends manufacturing activity at its plant

Fire outbreak at Aditya Vision Ltd's office in Patna

Ashoka Buildcon Ltd receives arbitration award of Rs. 36.29 crore

IFGL Refractories Ltd board to consider Q4, FY19 results on May 11, 2019

Velan Hotels Ltd board approves OTS proposal

SQS India BFSI Ltd board to consider terms of buyback

Thomas Cook India sees emergence of Election Tourism during this voting season

Bajaj Electricals Ltd board to consider raising funds through debt securities

Infosys Foundation Signs MoU to Foster Research in Orientology

Orient Paper & Industries Ltd appoints additional director

NTPC declares commercial operation of Unit-3 of 250 MW of Bongaigaon Thermal Power Project

Brickwork Ratings India Pvt Ltd upgrades rating of Aanchal Ispat Limited

JSPL re-starts 1.8 MTPA Direct Reduced Iron (DRI) plant at Angul

DCW Ltd board to consider fund raising on March 29, 2019

Meera Industries Ltd calls for board meeting on March 29, 2019

Jai Corp Ltd redeems 4,50,000 preference shares

Lupin receives FDA approval for Sildenafil Tablets USP

TAYO Rolls Ltd board to consider Q4 results on Apr 8, 2019

Everest Group names HCL a 'Leader' and 'Star Performer' in Cloud enablement services Peak Matrix Assessment 2019

Time Technoplast Ltd receives order of Rs. 210 crores

IOC and BPRL awarded 100% stake in Abu Dhabi Onshore Block 1 Concession

Varun Beverages Ltd gets CCI nod for acquisition of franchise rights from PepsiCo

Bank of Baroda to raise funds through US $ denominated notes

L&T Construction bags contracts for its Buildings and Factories & Water and Effluent Treatment businesses

Tata Motors to increase prices of its Passenger Vehicles from April 2019







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019