State Bank of India creates a dedicated Rs 200 crore fund for startups
Posted on: 18 Jun 2016 09:17:31
18 June 2016 Current Affairs: India's largest public sector lender State Bank of India (SBI) has created a dedicated IT innovations and startup fund and have set aside Rs 200 crore for investment in promising startups. The fund would be extending upto Rs 3 crore for any India registered company for promoting their business in India using information technology for banking.
We have created an entity to promote and ensure usage of the funds for the right purposes, the entity could have one or more technical experts on board for advisory roles. The team would provide legal and financial assistance to startups as and when required.
Bhattacharya spoke about a single window banking relationship support for startups that SBI provides through its dedicated branch in Bangalore and added that the bank already has added more than 200 clients in that branch in the last 6 months of its operations.
Recognising the fact that the nimble financial technology companies have the potential to add value to the banking services that customers want, she said that success in the future was in collaboration and not only competition.
Charting out a future path for the fintech sector Bhattacharya said that cost of small transactions needed to be minimised and banking be made smoother by removing various unnecessary processes.
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