State Bank of India (SBI), the largest bank in India, has opened a special branch in Mumbai’s Bandra Kurla Complex to cater to new businesses. This is SBI’s fourth branch of this kind, with the other three located in Bengaluru, Chennai, and Gurugram. The Mumbai branch is the first of its kind in the city.
SBI has signed several memoranda of understanding (MoUs) with prominent institutions in Mumbai to support startups. These include the S.P. Jain Institute of Management & Research (SPJIMR), the Centre for Incubation and Business Acceleration (CIBA), and the Society for Innovation & Entrepreneurship (SINE) at IIT-Bombay. These MoUs aim to provide startups with the necessary financial and technical support to help them succeed.
Key Features of Specialised Branch
- The MoUs aim to bolster the startup ecosystem in Mumbai.
- The primary objective of the branch is to provide startups with comprehensive support throughout their journey, from formation to IPOs and FPOs.
- In addition to regular banking services, the branch will serve as a one-stop-shop for investment banking, treasury/forex, advising, and other financial services through SBI’s subsidiaries.
- Moreover, SBI plans to cater to the needs of private equity (PE), venture capital (VC), and alternative investment funds (AIFs) through this branch.
- According to SBI, the office will offer end-to-end financial and consulting services, and bring together various stakeholders in the startup ecosystem.
Other Startup Focused Branches
- Bengaluru (August 2022)
- On July 8, 2022, the Karnataka Digital Economy Mission (KDEM) and State Bank of India (SBI) signed a Memorandum of Understanding (MoU), allowing SBI to establish the first dedicated startup branch in the country – the SBI Startup Hub branch, located in Koramangala.
- The branch was officially opened in August.
- Through this collaboration, startups across the state can avail of banking facilities, funding, and credit facilities.
- Start-up entrepreneurs can obtain up to Rs 2 crore of collateral-free financial assistance.
- Chennai (January 2023)
- On January 7, 2023, State Bank of India (SBI) inaugurated its second specialised start-up branch in the city, which is located inside the IIT-M Research Park.
- Gurugram (February 2023)
- State Bank of India (SBI) established the third dedicated start-up branch in Gurugram.
- Gurugram has the third-highest number of unicorns (startups valued at $100 billion or more) in India, after Bengaluru and Mumbai.
Facts About SBI
- State Bank of India (SBI) is the largest public sector bank in India, with over 24,000 branches and 60,000 ATMs across the country.
- It was founded on 1st July, 1955 and has its headquarters in Mumbai, Maharashtra.
- Current Chairperson: Dinesh Kumar Khara (as of 26th April, 2023)
- SBI is one of the largest employers in the country with more than 240000 employees.
- SBI offers a wide range of banking and financial services, including personal banking, corporate banking, international banking, and investment banking. It also offers services such as insurance, loans, and credit cards.
- SBI has a strong presence in the rural and semi-urban areas of India, with over 50% of its branches located in these regions.
- It has also expanded internationally, with branches in over 35 countries, including the United States, the United Kingdom, Canada, Japan, China, and Singapore.
- In 2019, State Bank of India (SBI) became the first Indian bank to link up with China’s National Advance Payment System (CNAPS). This system enables the real-time settlement of funds.
- SBI has played a significant role in the Indian economy, including providing financial assistance to small and medium enterprises and rural development.
- It has also been involved in several social initiatives, including education, healthcare, and environmental sustainability.
- SBI has received numerous awards and recognitions, including being ranked as the 43rd largest bank in the world by total assets in 2021.
- It has also been named as the “Best Bank in India” by several leading publications and organisations.