Bank of Baroda, India’s 2nd largest public sector bank, has launched a new plan that caters specifically to startups. The objective of this is to become a preferred banking partner for start-ups and establish connect with at least 1000 start-ups over the next two years.
Under this plan, Bank of Baroda will offer a range of banking products and services tailor-made to cater to the banking and financial needs of startups. The products include customized start-up current accounts, state of art payments gateways, corporate credit cards and credit facilities apart from other existing products of the Bank.
Shri. P.S. Jayakumar, MD&CEO, Bank of Baroda said, “We have designed this program considering market research inputs towards the tailored requirements of start-ups. The Baroda Startup Branches will have dedicated Relationship Managers, who would partner with start-ups and build lifecycle engagement with them. This will also enable us to contribute to the government’s Start-up India initiative.”
According to a statement released by the bank, it believes that startups are instrumental in ensuring the growth of the economy. This is a beneficial development in the startup economy for both the bank and startups since India is home to the third-largest start-up ecosystem in the world. Over 15,000 start-ups are recognized by the Government. and more than 5,000 start-ups are expected to join in the coming years.
Image Source – The Hindu Business Line