Money & Banking

Finance Secretary launches Baroda Startup Banking in 15 cities

PTI New Delhi | Updated on February 26, 2020 Published on February 26, 2020

Finance Secretary Rajiv Kumar on Wednesday inaugurated Baroda Startup Banking, an initiative aimed at making the bank a preferred banking partner for the start-up community and establishing connect with at least 2,000 start-ups over the next two years.

The initiative was launched simultaneously across 15 cities in the country.

It will include 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, Kumar said after the inauguration here.

The products include customised 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, he said.

In addition to end-to-end banking solutions for start-ups, the bank will also ensure that it meets the ancillary needs of start-ups by partnering with marquee service providers to assist start-ups by way of cloud credits, mentorship, co-working space, legal/accounting services and other support services, he said.

Proactive steps by the government, including fiscal incentives made available in the 2019 Budget, support from corporates and academia, a huge talented young workforce ready to unleash the entrepreneurial spirit and active participation of global investors have helped make the start-up ecosystem in the country more conducive to growth, he said.

Published on February 26, 2020
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