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.
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