Country’s largest Nationalized Bank, State Bank of India (SBI) has reserved 200 crore worth funds for Financial Tech oriented Start-ups. The SBI is planning on extending the capital up to Rs. 300 crore for any Indian registered firm, who are in need of funds for expanding their business in India using IT system for banking.
According to sources and reports by ET, Chairman of SBI – Arundhati Bhattacharya said, “We have created an establishment to see that the funds are properly getting used, for the right purposes. The organization has more than one or two technical experts on an advisory role.
Mrs. Bhattacharya also added to ET reports, ”We will be looking at using some of the available financial technology platforms in the market for cross promotions of our banking products. On the same note, we will be collaborating with such platforms for helping each other, while they might be competing with us on various sectors.”
Mrs. Bhattacharya also mentioned about setting up a mentoring team, for helping start-ups in property utilizing the fund, for their success. The mentors can also make reports on the progress of start-ups and the utilization of funds for start-up’s various ventures.