SBI InCube Current Affairs

SBI Launches First Dedicated Branch For Startups – SBI InCube

India’s largest lender, State Bank of India (SBI) has launched dedicated specialized branch for start-ups called ‘SBI InCube’ in Bengaluru, Karnataka.

It was announced by BI Chairman Arundhati Bhattacharya in Bengaluru, Karnataka.

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

  • SBI 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 to take care of all their banking and investment needs.

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