SBI launched India’s first start-up focused bank branch SBI InCube

Jan 15, 2016 15:04 IST

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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Read more Current Affairs on: SBI , SBI InCube , SBI Exclusif , Bengaluru , Start-up Focused Bank Branch

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