SBI Inaugurates Its Fourth Startup Branch The primary aim of this branch is to provide end-to-end support to startups at every stage of their journey, starting from the formation of the entity to their IPOs and FPOs
By Teena Jose
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The State Bank of India has inaugurated its fourth startup branch in Mumbai to provide all the necessary banking services to startups under one roof. Dinesh Khara, chairman, SBI, inaugurated the branch at Bandra Kurla Complex in Mumbai.
For a city that houses the second largest unicorns in the country and a vast number of startups, the branch claims to provide expedient services to all of them to support the growth and transformation of the startups in India. Besides startups, the bank also intends to cater to the requirements of private equity (PE), venture capital (VC), and Alternative Investment Funds (AIFs).
"The primary aim of this branch is to provide end-to-end support to startups at every stage of their journey, starting from the formation of the entity to their IPOs and FPOs. Apart from regular banking services to startups, the branch will also act as a one-stop shop to provide investment banking, treasury/forex, advisory, and other ancillary financial services through the bank's subsidiaries," said Dinesh Khara, chairman, SBI.
Leveraging its locational advantage, the startup branch in Mumbai has already entered into MoU with the Society for Innovation & Entrepreneurship (SINE) at IIT-Bombay, Centre for Incubation and Business Acceleration (CIBA), and S.P Jain Institute of Management & Research (SPJIMR), according to an official statement.
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home-buying dreams of over 30 lakh Indian families, as per the statement.
