SBI Launches First Dedicated Branch for Startups named SBI InCube [ Current Affairs ]
About SBI InCube: SBI InCube branch will provide the definite financial needs by providing suggested services to the potential tycoons’ under one roof. It will contribute start-ups in cash management, regulations, taxation, mentoring, foreign exchange and remittances and other financial services.
- In its current form InCube will not deposit start-ups that mean it will not provide loans.
- But it will give them loans when they will be more mature.
- It will also not help start-ups in raising their funds from equity market as it is not part of bank’s order.
- Bengaluru branch of InCube will be headed by an assistant general manager and a team of three other officers.
About the launching of SBI InCube and other service:
- State Bank of India has launched dedicated expert branch for start-ups called ‘SBI InCube’ in Bengaluru, Karnataka.
- It was declared by SBI Chairman Arundhati Bhattacharya.
- SBI will be launching these branches in Pune and National Capital Region New Delhi.
- SBI has also launched wealth management service named ‘Exclusif’ to target the fast-growing prosperous section in the country.
- This service will provide a dedicated Relationship Manager for customers to take care of all their banking and investment needs.
- Published on: January 18, 2016