Banks will be encouraged to partner with startups: Finance secretary Rajiv Kumar

NEW DELHI: Finance secretary Rajiv Kumar on Wednesday stated banks throughout the nation will be encouraged to partner with startups and handhold them in “rewarding innovation”, as he launched a startup banking initiative by Bank of Baroda.
“This initiative will help in realisation of the needs of startups,” Kumar stated on the launch right here. “It’s going to unfold throughout the nation, throughout all banks,” he added.

Baroda Startup Banking is trying to make Bank of Baroda a most popular banking partner for the startup group. It goals to set up a join with a minimum of 2,000 startups over the following two years, the financial institution stated in a press release.

The initiative is at present restricted to startups which are registered with the Department for Promotion of Industry and Internal Trade (DPIIT).

Bank of Baroda will set up 15 startup branches that will provide tailored banking services preserving in thoughts the banking necessities of startups.

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