State Bank of India, while integrating the ‘SBI Start-Up Branch’ at Koramangala, said the facility comes under a pact between the Karnataka government and SBI to further boost the state’s startup ecosystem.
India’s largest lender SBI on Tuesday opened its first-ever startup branch in Bengaluru, which will be dedicated to fund and support early-stage entrepreneurs in setting up new companies till their listing on stock exchanges.
Karnataka has been ranked the best state in the country in terms of startup ecosystem and creating new avenues for them to access credit and funding, SBI said in a release.
“It is the first in the country to provide financing to support startup growth, facilitating entrepreneurs all the way to realise their dreams,” Ashwath Narayan C. N., Minister for Higher Education; IT & BT, Science & Technology; Skill Development, Entrepreneurship & Livelihood, government of Karnataka, said on Twitter, the release said.
Exclusively for startups
The exclusive branch 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 and trading.
source/content: thehindu.com (headline edited)