The country's largest lender, the State Bank of India, inaugurated its fourth startup branch in Mumbai to provide all the necessary banking services to startups under one roof. Shri Dinesh Khara, Chairman, SBI, inaugurated the branch at Bandra Kurla Complex in Mumbai.
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).
Speaking on the occasion, SBI Chairman Shri Dinesh Khara said, “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”.
Besides startups, the bank also intends to cater to the requirements of private equity (PE), venture capital (VC), and Alternative Investment Funds (AIFs).