With Prime Minister Narendra Modi announcing an action plan to boost startups that will generate employment and create wealth, more banks are up with products for the budding entrepreneurs.
RBL Bank (erstwhile Ratnakar Bank), on Thursday announced ‘India Startup Club’ that services the end-to-end banking needs of the emerging entrepreneurial community.
“The launch of ‘India Startup Club’ has been strategically scheduled to coincide with the startup initiative launched by our honourable PM,” said Rana Vikram Anand, head – segments & products, business and branch banking, RBL Bank.
“Many of these startups may not have full information on banking. These entrepreneurs may have certain questions in their mind on registration of their companies, tax considerations,” Mr Anand told The Hindu .
The India Startup Club platform enables them to run their businesses smoothly by offering services that are convenient and simple. Through the ISC, entrepreneurs can avail of personalised banking services, financial tools as well as resources and planning solutions.
The ISC also partners various referral service providers and forums to provide a robust platform. “This empowers startups to build and grow their businesses by offering multiple options under one roof at a special price,” the bank said.
Some of the non-banking solutions provided under the ISC include enterprise registration services (online CA), office space/meeting room services, human resource management system, social media marketing and branding, and customer relationship management.
RBL Bank hopes to gain traction of current account deposits. The minimum deposit requirement has been kept at Rs 20,000.
Mr Anand said funding these startups which are having a relationship with the bank will depend on their customer profile and the requirement of clients.
“Funding is a function of their specific needs and their risk profile. If they meet the norms of the banks, they will get funding,” he said.
Recently, the State Bank of India inaugurated a dedicated branch for startups which will provide advisory services. Through the ‘SBI InCube’, the bank will help, guide, and counsel the new entrepreneurs.
“With this, the entrepreneurs will be guided right from setting up a company. Legal and taxation issues will be explained to them under one roof,” said Arundhati Bhattacharya, chairman, SBI.
RBL Bank's ‘India Startup Club’, caters to the
end-to-end
banking needs
