Shri Dinesh Khara, Chairman, SBI inaugurated Bank’s 4th specialised branch for Startups in Mumbai’s Bandra Kurla Complex. The Branch will provide all kinds of financial services to Start Ups under one roof and will support them at every stage of their journey.
This branch specialised in start-ups and will provide all banking services under one roof. With this India’s largest public bank now adds number 4th such branch to its list. Further, the other three branches are at Bengaluru, Chennai and Gurugram.
The primary aim of the branch is to provide end-to-end support to startups at every stage of their journey, starting from the formation of the entity till their IPOs and FPOs.
apart from regular banking services to startups, the branch will also act as a one-stop shop in providing investment banking, treasury/forex, advisory and other ancillary financial services through the bank’s subsidiaries.
Check out SBI Personal Loan Scheme
State Bank of India IT Innovation Start-up Engagement Programme (IT-ISEP)
To be eligible to apply, you should meet all of the following conditions:
- The company/firm should be an Indian firm / company.
- The company/firm must neither be a subsidiary of a foreign company nor have shareholding by any foreign company. Also, it should not be a Sister concern, Associate or Subsidiary of any other company.
- The company/firm has not been formed by splitting up or reconstruction of a business already in existence.
- The company/firm would have to obtain Certificate of Recognition as Startup under G.S.R Notification 127(E) dated 19.02.2019, issued by DPIIT, before the final stage of engagement.
- The company/firm should be a Startup as on the date of its application to the Bank.
- Period of existence and operations of the company/firm should not be exceeding 10 years from the Date of Incorporation / Registration.
- Turnover of the company / firm for any of the financial years since incorporation / registration has not exceeded one hundred crore rupees.
- The Intellectual property rights for the product/services offered to the SBI should be owned by the company/firm applying under the programme. The company/firm has to ensure that the application / product / solution, code, artefacts, scripts, etc. offered by them have been internally developed by them and not copied, pilfered, hacked, transferred, procured from any other company/firm or individuals.
- The company/firm shall provide training and complete knowledge transfer to Bank’s team within three years from the date of signing of the SLA between Startup and State Bank Group or before exit / termination of the project, whichever is earlier.
