State Bank of India (SBI), the country’s largest government lender, is actively investing in startup-focused funds and financial market infrastructure through direct equity participation as part of its MSME strategy. Addressing UGRO Capital’s ‘India by MSME’ event in Mumbai, SBI Managing Director Ravi Ranjan said that we are actively investing in startup-focused funds and financial market infrastructure through schemes like Direct Equity Participation and Startup India, and banks have startup-intensive branches and business centres. Let us also tell you what kind of information he gave in this event.
Startup hubs started in different cities
Emphasizing the role of startups, he said that as the code of entrepreneurial spirit spreading in the new India, startups are playing a vital role in providing credit to MSMEs by promoting innovation, promoting internet adoption, and facilitating economic expansion for MSMEs by creating basic employment and population scale. He further said that the bank has started a startup hub in different cities and unmatched skill and digital progress has helped the startups in getting funds through debt, equity and government services.
SBI’s priority
He said that the bank works on a hub and spoke model to support the surrounding areas through dedicated verticals to ensure that the bank deliberately fulfills the promise of the Priority Sector Lending Guidelines to engage startups in a spirit of partnership. Ranjan said that securing tie-ups with startups and fintech companies remains a priority area for SBI as these provide three ways – agility and flexibility, as well as helping in effectively utilizing supply levels. Also, he emphasized that there remains zero compromise on adherence to prudential standards guidelines in governance and regulatory parameters in India.
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