RBL Bank announced the launch of an exclusive branch for start-ups. RBL Bank will be the first private sector Bank to open a specialized branch for start-ups offering a bouquet of banking products to service the end-to-end needs of the emerging entrepreneurial eco-system. The branch was inaugurated at Koramangala, Bengaluru, by Nandan Nilekani, noted entrepreneur and former chairman of Unique Identification Authority of India.
- The branch will assist entrepreneurs in setting up new companies or enterprises and offers a host of banking products including, foreign exchange services, remittances and cash management.
- The Branch will also provide a range of value added services including registration, legal and tax formalities etc. through its affiliates and partners.
- The bank is also focusing on industry-wise specialists in wholesale lending, e-commerce and new-tech business.
- It has identified a team of 8-12 professionals in the age profile of 32-34 years who are old enough to be domain experts and young enough to engage with start-up founders.
- The bank also provides mezzanine funding for start-ups through partners and accelerator funds, up to ₹25 crore.
Earlier this year, RBL Bank launched the India StartUp Club — a fast-track programme to support early-stage companies with a basket of basic banking services to jumpstart their operations — that already engages with 112 start-ups.
Did You Know?
RBL Bank Limited (formerly known as The Ratnakar Bank limited) is a scheduled commercial bank headquartered in the Kolhapur region of Maharashtra. Founded in August 1943, RBL is one of the oldest private sector banks in India. The Bank currently services approximately 1 million customers and has a total business size of over Rs. 20,000 Cr.
