India’s largest lender, State Bank of India (SBI) has launched dedicated specialized branch for start-ups called ‘SBI InCube’ in Bengaluru, Karnataka.
SBI InCube will be a one-stop advisory services facility for entrepreneurs but will not offer loans to startups for now, Bank Chairperson,Arundhati Bhattacharya, said. The service would be extended to other cities later.
SBI InCube
- The ‘SBI InCube’ branch will cater to the specific financial needs by providing advisory services to the budding entrepreneurs under one roof
- It will assist start-ups in cash management, regulations, taxation, mentoring, foreign exchange and remittances and 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 start-ups 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 three other officers.
- Soon SBI will be launching these branches in Pune and National Capital Region (NCR).
SBI Exclusif
The wealth management service, SBI Exclusif, will offer a new banking experience to the fast growing number of affluent customers. Its customers would have access to a relationship manager and trained investment experts who would guide them on best investment options across categories