Mumbai welcomes the fourth SBI new branch. BKC
- ByStartupStory | April 26, 2023
The largest bank in the nation, State Bank of India (SBI), has established a special branch at Mumbai’s Bandra Kurla Complex for new businesses. After Bengaluru, Chennai, and Gurugram, this is the fourth startup-focused outpost and the first in Mumbai. The bank has several memoranda of understanding in place in Mumbai with the S.P. Jain Institute of Management & Research (SPJIMR), the Centre for Incubation and Business Acceleration (CIBA), and the Society for Innovation & Entrepreneurship (SINE) at IIT-Bombay.
The MoUs are designed to strengthen the startup ecosystem in the area. According to SBI chairman Dinesh Khara, “the main goal of this branch is to provide end-to-end support to startups at every stage of their journey, starting from the formation of the entity to their IPOs and FPOs.” The office will serve as a one-stop shop for offering investment banking, treasury/forex, advising, and other ancillary financial services through the bank’s subsidiaries, according to Khara, in addition to ordinary banking services. Through this branch, the bank also plans to meet the needs of private equity (PE), venture capital (VC), and alternative investment funds (AIFs).
According to SBI, the office would provide end-to-end financial and consulting services and act as a nexus for diverse startup ecosystem stakeholders.
The success of SBI’s branch for startups in Bengaluru in August 2022, Chennai in January 2023, and Gurugram in February 2023 led to this decision. The Bengaluru branch has served as a focal point for the local startup ecosystem and has provided for their needs. In order to strengthen the state’s overall startup ecosystem, the bank and the Karnataka Digital Economy Mission (KDEM) have signed a memorandum of cooperation.
The startup branch in Gurugram had signed memorandums of understanding (MoUs) with the Ministry of Electronics and Information Technology (MeitY Startup Hub), Foundation for Innovation and Technology Transfer (FITT) at IIT-Delhi, Pusa-Krishi (ICAR-IARI), Technology Incubation and Entrepreneurship Development Society (TIEDS) at IIT-Roorkee, and MeitY Startup Hub.
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