RBL Bank, Kolhapur-based private sector lender, announced on Tuesday the launch of an exclusive branch for start-ups in Bengaluru (Bangalore). The branch will offer start-ups a range of banking services and help in tax and legal compliance through partners.
"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 bank, formerly known as The Ratnakar Bank Ltd., said in a statement.
"India's 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," said RBL Bank Chairman Narayan Ramachandran.
Earlier this year, RBL Bank had launched "India StartUp Club," an initiative to support early stage companies with a slew of banking services to commence their operations.
The bank's deposits and advances stood at Rs. 17,099 crore and Rs. 14,450 crore, respectively, as of March 31, 2015. Net profit was Rs. 207.17 crore and net NPAs were 0.27 percent.
On April 12, another private sector lender, Federal Bank, had opened its second 'Launchpad', an exclusive outlet for start-ups, in Bengaluru. The earlier one was launched in Kochi last month.
"'Launchpad' is a one stop facility providing a range of advisory services in addition to customised banking offerings to budding entrepreneurs who wish to set up start-up ventures," the bank said in a statement.
The services would also include exclusive start-up account, digitally-powered payroll accounts, payment/collection solutions and forex services.
Federal Bank also hinted at investing in "eligible start-ups with innovative ideas, potential for high growth and ability to bring socio-economic impact."
The Federal Bank stock closed at Rs. 45.10 on the BSE on Monday. The bank will be declaring its fourth quarter and annual results on April 30, according to a regulatory filing to the BSE.
