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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

SBI Twitter handle

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

Related Topics

Leadership

If You Want People to Follow You, Stop Being a Boss — 8 Steps to Truly Effective Leadership

Understand the key differences and embark on the journey from boss to leader with these eight vital steps. This article unveils how to inspire and lead teams with passion and purpose.

Technology

Combating Deepfakes

While AI has made significant contributions to various industries, it also has a dark side which has surfaced in the form of deepfakes. According to experts, tackling the menace requires an approach and blockchain technology offers a formidable solution.

Business News

Photos Leak of McDonald's New Space Age Spinoff Restaurant 'CosMc's'

The mega fast food chain is experimenting with a galactic-themed restaurant, drawing inspiration from an alien character featured in its 1980s commercials.

Technology

The Semiconductor 'FOMO'

The current push to develop India into a semiconductor manufacturing hub through PLI and DLI schemes under the umbrella of India Semiconductor Mission (ISM) is a step in the right direction. However, the transition period for India to develop an end-to-end footprint in the semiconductor value chain will need a decade

Leadership

4 Out of 5 Entrepreneurs Step Down as CEO — Here Are 3 Things You Need to Do So You're Not One of Them.

Navigating the journey from entrepreneur to CEO is a profound transformation, one that often separates visionary founders from effective business leaders.

Growing a Business

How to Build an Advisory Board That Drives Startup Success

Here's what startup founders must consider when crafting an advisory board.