India’s largest lender, State Bank of India (SBI) has launched dedicated specialized branch for startups called ‘SBI InCube’ in Bengaluru. It was announced by the BI Chairman Arundhati Bhattacharya in Bengaluru.
About SBI InCube:
- The ‘SBI InCube’ branch will cater to the specific financial needs by the providing advisory services to the budding entrepreneurs under one roof It will assist startups in cash management, regulations, taxation, mentoring, foreign exchange and remittances & other financial services. InCube in its current form will not fund start-ups i.e. it will not provide loans.
- However it will give them loans when they turn more mature. It will also not help startups to raise funds from equity market as it not part of bank’s mandate. InCube branch in Bengaluru will be headed by an assistant general manager and a team of 3 other officers. Soon State Bank of India will be launching these branches in Pune and delhi NCR.
SBI Exclusif:
State Bank of India also has launched wealth management service ‘Exclusif’ to target the fast growing affluent segment in the country. This service will provide customers a dedicated Relationship Manager(RM) to take care of all their banking & investment needs.
State Bank of India Launches 1st Dedicated Branch For Startups – SBI InCube
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