Yes Bank
Also a provider — view Yes Bank’s profile →“Can a reconstructed private bank become the sponsor-bank and API rails for India's UPI-native embedded-finance economy?”
Founded2003
HQMumbai, Maharashtra, India
FoundersRana Kapoor, Ashok Kapur
Latest roundIPO 2005 (BSE: 532648, NSE: YESBANK)
IndustryBank / National
The story
Founded in 2003 as an Indian private-sector bank focused on corporate and MSME banking, Yes Bank grew rapidly under founder Rana Kapoor into one of India's largest private banks before a governance and asset-quality crisis triggered an RBI-led reconstruction in March 2020, with SBI and other lenders recapitalizing the bank. Since then, Yes Bank has rebuilt around retail, MSME, and digital-first products — most visibly a UPI/credit-line push (Vegapay partnership 2024), GST-data-driven MSME lending (YES GST FinFast 2025), and a public API developer portal designed to embed the bank's rails into third-party fintechs.
Product timeline
2003
Yes Bank incorporated by Rana Kapoor and Ashok Kapur.· founding
2004
Received banking license from RBI and commenced operations.· banking
2005
IPO on BSE and NSE.· ipo
2020
RBI-led reconstruction scheme; SBI-led consortium recapitalized the bank.· pivot
2024
Partnered with Vegapay to launch 'Credit Line on UPI' platform.· lending
2025
Launched YES GST FinFast, a working-capital MSME lending product using GST data.· lending
Regulated entities
1
regulatory licence held by Yes Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in Yes Bank’s embedded-finance stack
Payments / PSP
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting gap: none
15 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.