State Bank Floats 'InCube' for Start-ups
BENGALURU: State Bank of India (SBI) on Thursday launched its wealth management offering ‘SBI Exclusif’ and ‘SBI InCube’, an exclusive branch for start-ups. With this, SBI has become the first public sector bank to introduce wealth management services and a dedicated branch for start-ups, which is also a first-of-its-kind initiative in the country.
While ‘SBI Exclusif’ will target the fast-growing affluent segment, ‘SBI InCube’ will offer advisory services to start-ups under one roof.
Launching the new offerings here, Arundhati Bhattacharya, chairperson of SBI, said, “Introducing wealth management services has been one of the bank’s strategic priorities, as we have a number of HNI customers and potentially many more whose banking needs are more sophisticated and who require a highly specialised service delivery mechanism.”
SBI Exclusif offers many firsts in wealth banking – the first “e-Wealth Centre” that can deliver quality relationship management services remotely for extended hours. Products like liability products, assets products and services in foreign exchange, remittances, cash management etc are being offered under this initiative. Similarly, Exclusif will offer customers to transact and invest on digital channels such as internet and mobile. Also, the customers will have access to a dedicated Relationship Manager to take care of all their banking and investment needs.
SBI InCube, a help desk for start-ups at Bannerghatta Road here, will cater exclusively to the growing banking needs of start–ups. The bank plans to launch the project in Pune and NCR, as much of start-up activities are taking place in these centres. SBI InCube would not be providing loans for now. "Actually funding could be done when they become a little more mature or they have sufficient number of orders for scaling the companies. Surely, then they can become good candidates for funding," Bhattacharya said.
“With the opening of InCube branch, the start-ups’ requirements will be addressed, thus covering the entire gamut of SME segment.” She further said the bank has been in touch with its mentors including former Infosysians Mohandas Pai and Nandan Nilekani who are guiding it on needs of start-up companies.