Bank of Baroda is offering a comprehensive range of solutions to cater to requirements of Indian startups, through its IFSC branch in GIFT City and its extensive Indian network including 16 dedicated startup branches, and a strong international presence across 17 countries.
The bank was one of the early entrants to set up operations in GIFT City. The IFSC Banking Unit provides startups with a range of global banking solutions locally, such as Foreign Currency Current and Savings Accounts, Fixed Deposit in Foreign Currency, External Commercial Borrowing Loans, Trade Finance Facilities, Loans in Foreign Currency/Syndication Loans, and Transaction-based Internet Banking facility.
It also offers loans against NRE/FCNR Deposits and loans against deposits.
Helping Indian start-ups
The move comes as Indian banks have increased their focus on serving Indian start-ups looking to diversify their funds away from the US following the collapse of Silicon Valley Bank, wherein GIFT City has emerged as a popular destination due to banks’ ability of being able to provide foreign currency deposits there..
Bank of Baroda’s IFSC unit is the first and only bank to provide transaction-based Internet Banking facility to its retail and corporate customers, including startups, in three major foreign currencies i.e. US Dollar, Euro, and British Pound Sterling., it said in a release.
The facility provides startups with 24/7 access to their accounts and the convenience to conduct banking transactions and fund transfers in a secure manner.
The bank has also introduced ‘bob World Startup’, a special programme to cater to the requirements of Indian start-ups, wherein startups will be able to choose from a wide range of products and services, including customised startup current accounts, forex services, state-of-the-art payment gateways, point of sale systems, cash management systems, corporate credit cards and business loans.
The bank has tied up with marquee service providers to provide non-banking services required by start-ups such as Cloud services, Accounting and Legal services, HR and Payroll services, marketing services, and mentorship, the release said.