State Bank of India (SBI) on 16 June 2016 floated 200 crore rupees IT Innovation Start-up Fund to assist start-ups in the fintech space.
Salient Features of the Fund
The fund will consider assistance of up to 3 crore rupees to a firm registered in India for promoting their business innovations using technology in financial services.
The traditional banks around the world are opening up to work with fintech firms which are disrupting business models by using technology to deliver services at lower cost.
SBI also formed a mentoring team to assist start-ups, which will support, monitor and make a report on the progress and the utilisation of the funds by the venture.
The team will facilitate and guide business, extending help in various areas including additional funding requirement. It will also give external legal and financial assistance as and when required.
A suitable regulatory framework will also be set up to address the associated risks, like technology risks, cyber security risk, data theft risk, among others.
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Who: State Bank of India
When: 16 June 2016