SBI first dedicated branch to support start-ups
On August 16, 2022, State Bank of India (SBI) launched the first “state-of-the-art” dedicated branch for start-ups to extend support and facilitate them. This branch is located in Koramangala, Bengaluru. It was launched by chairman of SBI Dinesh Khara.
The state-of-the-art facility;
- Will provide end-to-end services to start-ups and enhance start-up potential.
- Its next branch will be opened in Gurugram while third in Hyderabad.
- It would function as a hub, where several stakeholders would assist in providing solutions and extend support to the hub branch in enabling the start-ups to assist end-to-end financial and advisory services.
- It will also support the large presence of SBI in the market by generating synergy among all entities and departments of the SBI group in providing one-stop solution to corporates and start-ups.
- It will also act as ‘go-to-place’ to meet any business needs of the start-up ecosystem.
- The state-of-the-art facility branch will make room for specialist officers for the forex, wealth management, treasury solutions, and credit need of the start-ups.
Mutual funds and custodial services have also patterned with the SBI for this initiative. It will support the needs of entire start-up ecosystem as well as look after the requirements of private equity (PE) and venture capital (VC) funds. It has inked MoUs with government of Karnataka initiatives, such as Karnataka Innovation and Technology Society and Karnataka Digital Economy Mission, under which support will be extended to entire start-up ecosystem in Karnataka.
Category: Economy & Banking Current Affairs - 2024