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Business EconomyPosted at: Feb 26 2020 7:41PM


Finance Secretary launches Baroda Startup Banking in 15 cities

New Delhi, Feb 26 (UNI) Baroda Startup Banking, a flagship initiative of Bank of Baroda, was inaugurated on Wednesday to make the bank a preferred banking partner for the startup community and establishing connect with at least 2000 start-ups over the next two years.
It was launched by Finance Secretary Rajiv Kumar simultaneously across 15 cities of the country.

The initiative will include, 15 Baroda Startup Branches that will offer a bouquet of tailor-made banking products and services that have been designed keeping in mind the unique and specialized banking requirements of start-ups.
The products include customized current accounts, state-of-the-art payments gateways, corporate credit cards, corporate salary accounts and credit facilities apart from other existing products of the Bank.

In addition to end-to-end banking solutions for startups, the bank will also ensure that it meets the ancillary needs of startups by partnering with marquee service providers to assist startups by way of cloud credits, mentorship, co-working space, Legal or Accounting Services and other support services.

Bank of Baroda MD&CEO Sanjiv Chadha said, ''Startups will be instrumental in shaping the MSME landscape in the country, over the next few years. We see a business opportunity in identifying young and talented businesses and increasing engagement with them as they become bigger. We have done a pilot launch of Baroda Startup Banking at five centres and already acquired a customer base of more than 400 startups belonging to different sectors such as logistics, foodtech, healthtech, and emerging tech.''

Proactive steps by the Government, including fiscal incentives made available in the 2019 Budget, support from corporates and academia, a huge talented young workforce ready to unleash the ''entrepreneurial spirit'' and active participation of global investors have helped make the startup ecosystem in the country more conducive to growth, according to a statement here.

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