Get All Access for $5/mo

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.
Entrepreneurs

Academic Excellence Is Not Necessary for Success in Life: Hear from the Founder of this Exciting New Digital Education Platform.

Many educational platforms are emerging these days to help people qualify for various types of entrance examinations. But what about the students who don't want to take the traditional path, the ones who don't rank among the top 10 in the classroom yet still aim high in life?

Growing a Business

3 Branding Strategies That Will Make Any Brand Stand Out

Here's how to differentiate your brand in three essential steps — understanding your unique selling proposition, leveraging storytelling, and valuing feedback.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

No More ChatGPT? Here's Why Small Language Models Are Stealing the AI Spotlight

Entrepreneurs can leverage this growing tech to create innovative, efficient and targeted AI solutions.

Marketing

10 Effective Growth Marketing Hacks and Strategies for Your Startup

Working at a startup can feel like building a plane while you're trying to take off. Use these ten marketing tips to effectively grow and sustain your startup.

Franchise

Four Takeaways for the Franchise Industry From My Time at the Republican National Convention

Matt Haller, President and CEO of the IFA, says the stakes are high for franchisors and franchisees in the upcoming presidential election.