EYE ON TAX BENEFIT AND CREDIT GUARANTEE FROM GOVT
PUBLIC SECTOR BANKS (PSBS) are increasingly focusing on opening more startup-specialised branches as they receive government incentives, including credit guarantee, while funding such entities, senior bankers told FE.
Bank of India, for instance, opened 3 startup branches in Mumbai, Bengaluru and Delhi last month, and is aiming to open 10 more branches during the next year, said Rajneesh Karnatak, MD & CEO.
A official at Bank of Baroda said the lender has opened 11 startup branches already in recent years and is granting startups modified packages as per their requirements, which include certain concessions in terms of lower interest rates, foreign currency current account, dedicated relationship managers, corporate premium credit cards, among others.
Even the country's largest bank has been ramping up its startup branches. SBI chairman Dinesh Khara said in the bank's FY23 annual report that the lender has opened specialised startup branches at Bengaluru, Mumbai, Gurugram and Chennai to offer one-stop solutions to startups.
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