Exclusive start-up branch

The Prime Minister’s Stand-up India initiative has found takers with the RBL Bank launching a branch exclusively for start-ups in Koramangala in Bengaluru. The branch is dedicated to startups and will help them in new ventures and also provide them with banking services like foreign exchange, remittances and cash management. It will also offer start-ups other value added services like legal, registration and tax related assistance through affiliates and partners.

Start-ups will get help on Application Program Interface (API) banking, large volume electronic payments (IMPS/NEFT/RTGS and so on). Buoyed by the startup culture, the bank is also looking to set up more such branches in other cities like Delhi-NCR, Mumbai and Chennai. This is not the first such initiative by RBL, which earlier this year had launched “India Startup Club,” to service the end-to-end needs of the start-up community.

“The idea is to provide entrepreneurs personalised banking services, financial tools as well as other resources while tying up with service providers and forums to provide a strong platform to the start-up community, enabling them to grow their business smoothly by providing several services under one roof,” according to Rajeev Ahuja, head—strategy, RBL Bank. This service already has 112 start-ups under its belt. The offline branches will also integrate with this programme.

olmdesk@outlookindia.com