Tuesday, April 19, 2016
First India’s Private Sector Bank to Open Dedicated Branch for Startups
RBL Bank, one of India's fastest growing private sector banks today 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, has by Nandan Nilekani, noted entrepreneur and former chairman of Unique Identification Authority of India. RBL Bank’s Chairman, Narayan Ramachandran and Rajeev Ahuja, Head – Strategy were present on the occasion.
The dedicated 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.
RBL Bank Chairman Narayan Ramachandran said, “At RBL, we stand at the intersection of entrepreneurs, ideas, technology and banking services. We provide a full range of banking services to fast-growing start-ups, in the language they speak — seamless technology, ease and speed. Our rapidly growing set of innovative start-ups has demanded that we rise to the challenge and deliver services that are responsive to their fast-evolving needs. As an established bank in a renewed startup avatar, we can empathise with the journey of our startup clients, and have organised the Bank's technical capabilities and speed of response to match this requirement.”
Rajeev Ahuja, Head - Strategy, RBL Bank, noted, “Our latest offering in this comprehensive bouquet of services for innovative companies and start-ups is an exclusive branch for start-ups, located in Koramangala, at the epicentre of India's start-up revolution. This is not merely a branch where a startup entrepreneur will walk up and ask for a current account or a remittance. There will be all that and much more. We expect to have conversations about Application Program Interface (API) banking, large volume electronic payments (IMPS/NEFT/RTGS) and receivables, prepaid cards-based solutions, escrow services, Universal Payment Interface (UPI), Aadhaar Enabled Payment System (AEPS), Direct Money Transfer (DMT) and so on.”
As another arrow in the quiver of offerings, the Bank is also at the forefront of supporting the emerging venture debt market in India. The Bank was an anchor investor in Trifecta Capital’s Venture Debt Fund, the first Alternative Investment Fund (AIF) of its kind in India. As part of its strategy, the Bank is also focusing on industry-wise specialists in wholesale lending, e-commerce and new-tech business. It has also made significant strides in e-lending through tie-ups and partnerships.
Earlier this year, RBL Bank launched India StartUp Club (ISC), a fast track program to support early stage companies with a basket of banking services to jumpstart their operations. This includes a Green Channel for Account Setup, Payroll Services, Cash Management, trade and foreign exchange service, escrow accounts, transaction banking solutions (API banking for managing various payment/receivable needs), Customised Debit Cards and a dedicated hotline to address the 24x7 needs of these high growth companies.