After years of thriving on private investments, the Indian startup ecosystemone of the fastest growing in the worldhas lastly captured the interest of industrial banks.
This year, both public and private banks have announced a number of steps to assist startupsfrom assisting them establish business to even branding and marketing. However, there is one key effort that is missing: financing.
Exactly what are banks doing?
On Jan. 14, the State Bank of India (SBI), the countrys biggest lender, opened a devoted branch in Bengaluru for startups. We had been thinking of beginning a dedicated branch for rather a long time. Start-ups have a different kind of requirement. These are young business owners in their early 20s and 30s and lots of don’t even have bank accounts, Rajni Mishra, primary general manager of SBI, Bengaluru circle, told Quartz.