Yes Bank partners with QMU to develop co-operative tourism in India
Yes Bank, private sector bank, has been appointed as the ‘Country Manager’, India, by Queen Margaret University (QMU), Scotland, UK, for the development of a co-operative tourism project in rural India. The pilot project is aimed at showcasing the potential of tourism in achieving inclusive and sustainable economic development, and the need to introduce a scalable business model with involvement of cooperatives.
“This is the way forward not just for rural development in India, but also towards financial inclusion, which can be best achieved by driving growth in the rural economy. It is our privilege to partner with Queen Margaret University and Dunira Strategy, and Yes Bank remains committed to support under-banked and un-banked communities through such developmental initiatives,” remarked Rana Kapoor, Founder, MD & CEO, Yes Bank.
The bank informed it will demonstrate a knowledge exchange platform between academic and business tourism specialists, international NGOs and a bank engaging to achieve development in Rural India. The project has initially identified two states – Uttarakhand and West Bengal. The agreement was signed on March 8, 2011 in Edinburgh, Scotland, UK.
“Yes Bank with their strong links to Scotland recognize this and thanks to their initiative together with QMUs excellence in this area we’re witnessing something inspirational not just in sound business terms but in very worthwhile work,” commented Mark Dolan, country manager- India, Scottish Development International.
Informing about the project, the bank said, that being funded from the Scottish Government’s International Development Fund, the project, will run over a period of two years and nine months. QMU will contribute through its research on the development of a sustainable business model; and will work in partnership with Dunira Strategy, the Edinburgh based tourism consultancy, which will directly oversee Destination Development.
“Much of QMU’s research focuses on creating sustainable business models. The concept behind this project will help to create a more sustainable future for India’s tourism industry by spreading the economic benefits across the country and by encouraging rural agricultural economies to develop destination management organisations which will benefit their communities,” explained Andy Frew from QMU, a world expert in eTourism.
Through the strategic initiatives and government advisory division (SIGA), the bank will facilitate in-country activity and expertise including advising the project on home-country dynamics, leveraging local networks, introductions to key stakeholders, project related activities and logistics in the field. It will jointly document outcomes towards showcasing its potential as a mass-development model in India and internationally, including taking this to the Government of India for its consideration as a part of policy.
“This project will help over 1,000 individuals in rural India fight their way out of poverty, including women and other marginalized groups. It will enable communities to capitalize on their cultural and natural heritage by creating tourism opportunities in order to achieve sustainable economic growth,” believes Fiona Hyslop, Minister for Culture and External Affairs.
Tushar Pandey, GEVP and Country Head - Central and State Governments, YES BANK and Professor Petra Wend, Queen Margaret University’s Principal and Vice Patron at the signing ceremony.
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