SBI Launches Exclusively Dedicated Branch For Startups
The branch will leverage the large presence of SBI in market by bringing synergy among all entities and various departments of the bank to offer one-stop solution to these corporates and startups
State Bank of India, on Tuesday, inaugurated its first-ever startup branch in Bengaluru. The branch, reportedly, will be dedicated to fund and support early-stage entrepreneurs to set up new companies till their listing on stock exchanges. The branch was launched by Dinesh Khara, SBI Chairman, and it is located in Koramangala.
"Overall, we are in a position to provide end-to-end services to startups, with that in mind this particular startup branch we are starting, from the capital city of startups, Bengaluru. I am sure it will further enhance the startup potential," said Khara in a statement.
He also added that, "Based on the experience which the bank gathers from here, it will keenly evaluate the opportunity that exists in other cities for such a startup initiative. After Bengaluru, the next branch will be opening in Gurgaon and the third one will be in Hyderabad. We will do it in next six months."
He also stated that SBI has already funded 104 startups through the debt route.
The branch which is exclusively dedicated for startups will provide services such as loans, deposits, transaction banking, outward and inward remittances, payments, cash management, forex, insurance, custodial services, capital market and legal advisory, structuring, demat ad trading.
Commenting on the startup branch inauguration, MoS Ashwath Narayan C.N, tweeted that, "It is the first in the country to provide financing to support startup growth, facilitating entrepreneurs all the way to realize their dreams."
According to SBI's statement, the branch will leverage the large presence of SBI in market by bringing synergy among all entities and various departments of the bank to offer one-stop solution to these corporates and startups starting from the formation of the entity till IPOs and FPOs of the companies. The reports said that SBI entered into a memorandum of understanding with Karnataka digital economy mission (KDEM) to boost the prevailing startup ecosystem for the state.