Public sector lender State Bank of India (SBI) launched its first exclusive start-up bank branch, SBI InCube, and wealth management services, SBI Exclusif, in Bengaluru on Thursday.
SBI Exclusif will cater to the affluent segment in India while SBI InCube will serve as a one-stop shop for budding entrepreneurs rendering services from setting up of a company to dealing with legal issues and taxation, besides guiding and counselling them.
SBI Chairman Arundhati Bhattacharya said is one of the key initiatives of the bank.
"Introducing wealth management has been one of the bank's top strategic priorities, as we have a number of HNI customers in the bank and potentially many more whose banking needs are more sophisticated and who require a highly specialized service delivery mechanism," she said.
The bank will be rolling out these services to other cities in due course this year, a media statement issued by SBI said.
India ranks third globally, with more than 4,200 start-ups that received funding of about $5 billion by 2015, according to software industry body, the National Association of Software and Services Companies (NASSCOM).
India is also the youngest start-up nation in the world, with 72% of the founders less than 35 years of age, according to Ravi Gururaj, Chairman, NASSCOM Product Council.
