SBI launches IT Innovation Start-up Fund to assist start-ups

India’s largest lender State Bank of India (SBI) has launched IT Innovation Start-up Fund to support start-ups in the financial technology (fintech) space.
The fund has corpus of 200 crore rupees. It will provide assistance of up to 3 crore rupees to a company registered in India for promoting their business innovations using information technology for banking and related activities
SBI also has formed a mentoring team to assist start-ups which will facilitate and guide business, extending help in various areas including additional funding requirement
The team will also monitor and make a report on the progress and the utilisation of the funds by the start-ups. Besides, it will also give financial and external legal assistance to start-ups as and when required.
SBI already has launched InCube, a single window banking relationship support for startups to provide financial advisory through their dedicated branch in Bengaluru.

Month: Current Affairs - June, 2016