The country's largest lender, the State Bank of India, inaugurated its fourth startup branch in Mumbai to provide all the necessary banking services to startups under one roof. Shri Dinesh Khara, Chairman, SBI, inaugurated the branch at Bandra Kurla Complex in Mumbai.
Leveraging its locational advantage, the startup branch in Mumbai has already entered into MoU with the Society for Innovation & Entrepreneurship (SINE) at IIT-Bombay, Centre for Incubation and Business Acceleration (CIBA), and S.P Jain Institute of Management & Research (SPJIMR).
For a city that houses the second largest unicorns in the country and a vast number of startups, the branch will provide expedient services to all of them to support the growth and transformation of the startups in India.
Speaking on the occasion, SBI Chairman Shri Dinesh Khara said, “The primary aim of this branch is to provide end-to-end support to startups at every stage of their journey, starting from the formation of the entity to their IPOs and FPOs. Apart from regular banking services to startups, the branch will also act as a one-stop shop to provide investment banking, treasury/forex, advisory, and other ancillary financial services through the bank's subsidiaries”.
Besides startups, the bank also intends to cater to the requirements of private equity (PE), venture capital (VC), and Alternative Investment Funds (AIFs).
About State Bank of India:
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.00 lakh crore. As on December 31, 2022, the bank has a deposit base of over Rs. 42.13 lakh crore with CASA ratio of 44.48% and advances of more than Rs. 31 lakh crore. SBI commands a market share of 33.3% and 19.4% in home loans and auto loans respectively. SBI has the largest network of 22,381 branches and 65,650 ATMs / ADWMs in India with 70,258 BC outlets. The number of customers using internet banking and mobile banking stand at 111 million and 58 million respectively. With SBI’s digital strategy right on track – the bank witnessed 64% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY22. SBI observed 22,120 new digital savings bank accounts being opened per day via YONO in the quarter ended December 2022. YONO, which has more than 5.75 crore registered users, witnessed more than 1 crore average daily logins in Q3 FY23. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 5,050 crore through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
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