SBI opens dedicated branch for start-ups in Bengaluru
The State Bank of India (SBI) has launched its wealth management offering and inaugurated a dedicated branch for start-ups here on Thursday.
Bengaluru : The State Bank of India (SBI) has launched its wealth management offering and inaugurated a dedicated branch for start-ups here on Thursday. While the wealth management service 'Exclusif' is targeted at the fast-growing affluent segment in the country, 'SBI InCube' -the branch for start-ups - would offer advisory services to the budding entrepreneurs under one roof, SBI Chairman Arundhati Bhattacharya said here.
Initially, SBI InCube would not be providing loans, but give start-ups financial management services, she said. However, the bank would love to give them loans when they turn more mature than, Bhattacharya said. Asked whether SBI would help start-ups to raise funds from equity market, she said, as of now, it is not the bank's part of the mandate. 'SBI InCube' would be useful to start-ups because they need financial management advice apart from providing financial help.
To a query, SBI Managing Director (National Banking Group) Rajnish Kumar said after Bengaluru, the bank is thinking of launching the project in Pune and NCR, as much of start-up activities are taking place in these three centres. Talking about the partnerships, Bhattacharya said the bank has been in touch with its mentors including former Infosysians Mohandas Pai and Nandan Nilekani who are guiding it on needs of start-up companies. On SBI Exclusif, Bhattacharya said it proposes to bring to customers a completely different and new approach to interacting with the Bank.