India has a large migrant population (estimated to be over 30% of the population) especially in cities like Mumbai where people from Bihar, UP, Tamil Nadu, Kerala, Andhra Pradesh and Karnataka migrate for work. The need to remit money back to their hometown/village is imminent and the opportunity is huge. On a segmented level, the remittance market for migrant laborers itself is of around Rs. 1, 60,000 Crores with 58 million migrant laborers sending money annually to their hometown. There are a few Banks which provide remittance service within their respective Banking hours and at a nominal fee. These migrants have to stand in queue and wait for their turns to initiate these remittances which are very time consuming and costing their daily wages as they have to waste around half a day for the remittance process.

YES Bank wanted to capture this opportunity and create a business model around this situation. YES BANK under its banner, 'YES Money', offers a multi channel outward domestic remittance service that tries to address the major pain-points of migrants while remitting and achieve the goal of financial inclusion. The service is targeted towards people who have access to formal bank account at the Terminating Point (rural/native) but do not have such access at originating point (Urban/Metro).

'YES Money' currently has an extensive network of Business Correspondent (BC) partners and Business Correspondent Agents (BCAs). YES Money leverages this network to offer bouquet of products like: Domestic Money transfer, CO-Branded Prepaid Cards, Corporate Cash Management solution, Lending to BC and BC Agents, Online to Offline.

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