New Delhi: The state-owned, public sector bank (PSB) Bank of Baroda (BoB) has launched “Baroda Startup Banking,” a flagship initiative of the bank, which has been formally inaugurated by Finance Secretary Rajiv Kumar (IAS) on February 26. The initiative is aimed at making Bank of Baroda a preferred banking partner for the startup community and establishing connect with at least 2,000 start-ups over the next two years. It has been launched simultaneously across 15 cities of the country.
End-to-end banking solutions for startups
The initiative includes 15 Baroda Startup Branches that will offer a bouquet of tailor-made banking products and services that have been designed keeping in mind the unique and specialized banking requirements of start-ups. The products include customized current accounts, state-of-the-art payments gateways, corporate credit cards, corporate salary accounts and credit facilities apart from other existing products of the Bank.
In addition to end-to-end banking solutions for startups, the bank will also ensure that it meets the ancillary needs of startups by partnering with marquee service providers to assist startups by way of cloud credits, mentorship, co-working space, Legal/Accounting Services and other support services.
Catching the startups early
While speaking on the occasion Bank of Baroda’s (MD&CEO) Sanjiv Chadha said, “Startups will be instrumental in shaping the MSME landscape in the country, over the next few years. We see a business opportunity in identifying young and talented businesses and increasing engagement with them as they become bigger. We have done a pilot launch of Baroda Startup Banking at five centres and already acquired a customer base of 400+ startups belonging to different sectors such as logistics, food-tech, health-tech, emerging-tech, etc.”
Proactive steps by the government, including fiscal incentives made available in the 2019 Budget, support from corporates and academia, a hugely talented young workforce ready to unleash the “entrepreneurial spirit” and active participation of global investors have helped make the startup ecosystem in the country more conducive to growth.
Bank of Baroda‘s Executive Director Vikramaditya Singh Khichi said, “India is one of the fastest-growing startup landscapes in the world. With Baroda Startup Banking, we have launched tailor-made products that cater to the unique requirements of this fast-growing segment. Dedicated Relationship Managers will build lifecycle engagement with startups. This initiative will also enable us to contribute to the government’s Startup India initiative.”