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.
- 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 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.