This is how banks are wooing startups

Posted on 02nd Aug 2016 | 2454 views

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Indian startupsare growing bigger and many private as well as public sector banks are helping either investing or guiding new ventures. The government and corporations are coming forward to support startups by funding and lending to startups with relaxations.

wooing

Banks likeICICI bankandFederal bankhave shown interest in investing in fintech startups and earmarked a dedicated corpus of Rs 25 crore. Recently SBI launched a dedicated branch for startups in Bengaluru under a well-defined programme called SBI InCube. SBIIncube programme is providing free professional advisory services to the entrepreneurs. They have expertise professionals across the domains like CA, CS, Legal advice, Forex related queries IPR to address the various issues faced by startups. The bankers conduct events to facilitate interaction between startups and professionals for startup jobs. As of now they have provided banking services to many startups as they customized their existing products in consultation with industry stalwarts. The banking industry has been working on new products and services to meet requirements of start-ups- from a simple Current Account to Payment Gateway Wallet services to Forex advisory and transactions. There are many retail bank jobs are available now. As of now SBI has opened 85 accounts for startups to mobilize funds and these are under various phases of growth. These startups are from various domains including agriculture, medical health care, education, real estate etc and can be categorized under technological heads as IT ITES, analytics and machine learning, networking and various others. Part of the SBI InCube plan, they have been conducting events almost every fortnight, sometimes at our branch and sometimes at other start-up rich facilities. These activities are helpful to get engage with the startups and they are The Banker to Every Indian and aspire to become The Banker to every Indian Start-up.Nearly 400 startups approached SBI bank to get facilitated under the plan of SBI InCube across the sectors like IT and ITES, Agriculture, Manufacturing Trading.

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