To make Bank of Baroda (BoB), a preferred banking partner for the start-up community in the country and establishing connect with at least 2,000 start-ups over the next two years, the state-run bank on Wednesday launched start-up banking initiative. The scheme was launched by Finance Secretary Rajiv Kumar across 15 cities in the country. “It will include 15 Baroda Start-up branches that will offer a bouquet of tailor-made banking products and services that have been designed keeping in mind the unique and specialised banking requirements of start-ups,” Rajiv Kumar said.
The products include customised current accounts, state-of-the-art payments gateways, corporate credit cards, corporate salary accounts and credit facilities apart from other existing products of the bank. “Start-ups will be instrumental in shaping the MSME landscape in the country over the next few years. We see a business opportunity in identifying young and talented businesses and increasing engagement with them as they become bigger,” said Sanjiv Chadha, MD and CEO, Bank of Baroda.
The bank currently boasts of more than 400 start-ups as its customers. In addition to banking solutions for start-ups, the bank will also ensure that it meets the ancillary needs of start-ups by partnering with marquee service providers to assist start-ups by way of cloud credits, mentorship, co-working space, legal and accounting services among others. There are many banks like HDFC and Yes Bank which is offering similar services for the start-ups. HDFC Bank offers exclusive service to start-ups through SmartUp Zones, set up in 70 of its branches in 30 cities. The service include helping them list on BSE, capital support, and multiple business services among others.
Similar services for start-ups
HDFC Bank offers exclusive service to start-ups via SmartUp Zones, set up in 70 of its branches in 30 cities. This includes helping them list on BSE, capital support, and multiple services