India’s largest bank, State Bank of India (SBI), on 14 January 2016 launched and inaugurated India’s first start-up focused bank branch called SBI InCube in Bengaluru, Karnataka. The specialized branch aims to understand and address banking needs of a Start-up Business.
The bank also launched the wealth management service SBI Exclusif, which is targeted at the fast-growing affluent segment in the country.
About SBI InCube
• The SBI InCube branch will work towards fulfilling the specific financial needs of the start-ups.
• The service will provide 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.
• The branch, 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.
• InCube branch in Bengaluru will be headed by an assistant general manager and a team of three other officers.
• SBI will soon launch InCube branches in Pune and National Capital Region (NCR).
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What: Launched by SBI
When: 14 January 2016