SBI Launches Special Dedicated Branch for Startups | Rare Techy

State Bank of India, on Tuesday, opened its first branch in Bengaluru. According to the report, the branch will be dedicated to financing and supporting early stage entrepreneurs to set up new companies up to their listing on the stock market. The branch was started by Dinesh Khara, Chairman of SBI, and it is located in Koramangala.

“Overall, we are in a position to provide end-to-end services to startups, with this particular startup branch that we are launching, from the capital of startups, Bengaluru. I am sure that it will have the potential increase the beginning even more,” Khara said in a statement.

He further said that, “Based on the experience the bank is gathering here, it will carefully consider the opportunity for such initiatives in other cities. After Bengaluru, the next branch will be opened in Gurgaon and the third one will be opened.” . in Hyderabad. We will do it in the next six months.”

He also stated that SBI has already financed 104 startups through loans.

The branch dedicated exclusively to startups will provide services such as loans, deposits, transaction banking, foreign and domestic payments, currency, money management, forex, insurance, protection services, capital market and legal advice, construction, advertising trade.

On the opening of the startup branch, MoS Ashwath Narayan CN tweeted that, “It is the first in the country to provide funding to support the growth of startups, giving entrepreneurs the full opportunity to realize their dreams.”

According to the SBI statement, the branch will leverage SBI’s large presence in the market by bringing synergy between all the bank’s various entities to provide a one-stop solution to these companies and startups from establishment to IPOs and FPOs. do of companies. Reports said that SBI has entered into a memorandum of understanding with the Karnataka Digital Economy Mission (KDEM) to enhance the dominant startup ecosystem for the state.