• To connect with 2000 startups over two years, offer tailor-made banking products
New Delhi, 26 February 2020: Baroda Startup Banking, a flagship initiative of Bank of Baroda, was inaugurated today, by Shri Rajiv Kumar, IAS, Finance Secretary. The initiative is aimed at making Bank of Baroda a preferred banking partner for the startup community and establishing connect with at least 2000 start-ups over the next two years. It has been launched simultaneously across 15 cities of the country.
Within the initiative will include, 15 Bank of 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. The products include customized 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.
In addition to end-to-end banking solutions for startups, the bank will also ensure that it meets the ancillary needs of startups by partnering with marquee service providers to assist startups by way of cloud credits, mentorship, co-working space, Legal/Accounting Services and other support services.
Shri. Sanjiv Chadha, MD&CEO, Bank of Baroda said, “Startups will be instrumental in shaping the MSME landscape in the country, over the next few years. We see a business opportunity in identifying young and talented businesses and increasing engagement with them as they become bigger. We have done a pilot launch of Baroda Startup Banking at 5 centres and already acquired a customer base of 400+ startups belonging to different sectors such as logistics, foodtech, healthtech, emerging tech, etc.”
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 startup ecosystem in the country more conducive to growth.
Shri. Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, “India is one of the fastest growing startup landscapes in the world. With Baroda Startup Banking, we have launched tailor made products that cater to the unique requirements of this fast growing segment. Dedicated Relationship Managers will build lifecycle engagement with startups. This initiative will also enable us to contribute to the government’s Startup India initiative”.
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About Bank of Baroda:
Bank of Baroda (“The Bank”) established on July 20, 1908 is a State-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.
Bank of Baroda is India’s second largest bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 9,500+ branches, 13,400+ ATMs and 1,200+ self-service e-lobbies. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 21 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. India First Life Insurance and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.
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