The State Bank of India opened its first branch in Bengaluru on Tuesday. According to reports, the branch’s focus would be on providing funding and support for early-stage entrepreneurs as they launch new businesses up until they list on stock exchanges. Dinesh Khara, the chairman of SBI, officially opened the branch, which is situated in Koramangala.
“Overall, we are able to offer entrepreneurs end-to-end services, which is why we are opening this specific startup branch in Bengaluru, the startup capital of India. It will undoubtedly increase the startup potential “Khara released a statement.
He additionally noted, “Based on the knowledge it gains from this, the bank will carefully assess the potential for similar startup initiatives in other cities. Following Bengaluru, Gurgaon will host the next location, and Hyderabad will host the third. We’ll finish it within the next six months.”
He added that SBI has already provided 104 businesses with loan financing.
Services including loans, deposits, transaction banking, outbound and inbound remittances, payments, cash management, currency, insurance, custodial services, capital market and legal advising, structuring, demat ad trading would be offered by the branch that is solely dedicated to startups.
“It is the first in the country to give financing to help startup growth, facilitating entrepreneurs all the way to fulfil their ambitions,” MoS Ashwath Narayan C.N. tweeted in response to the opening of the startup office.
According to a statement from SBI, the branch would take use of the bank’s significant market position by fostering synergy among all of its entities and divisions in order to provide corporate clients and start-ups with one-stop shopping for everything from entity creation to IPOs and FPOs. According to sources, SBI and the Karnataka Digital Economy Mission (KDEM) have a memorandum of understanding that will help the state’s startup ecosystem grow.
