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State Bank of India creates a dedicated Rs 200 crore fund for startups

State Bank of India creates a dedicated Rs 200 crore fund for startups
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. 


December 2016 Current affairs
9 DEC
NEWS
8 DEC
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7 DEC
NEWS
6 DEC
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5 DEC
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3 DEC
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November 2016 Current affairs
30 NOV
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29 NOV
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28 NOV
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26 NOV
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25 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
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25 AUG
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