SBI creates Rs 200 crore startup fund and mentor team

by | Jun 17, 2016

Mumbai, June 16, 2016: The State Bank of India is perhaps the first public sector bank to take the initiative to reach out to startups and fintechs. In January this year it launched InCube, a special branch for startups in Bengaluru, that offers support, advisory services and hand holding. Going a step further, the bank just announced a Rs 200 crore startup fund.

arundhattiSpeaking at the CII Banking Tech Summit 2016 in Mumbai, SBI Chairman Arundhati Bhattacharya said, “We have created an IT Innovation Startup fund and have set aside Rs 200 crore for this. This fund shall consider (financial) assistance of up to Rs 3 crore to an Indian registered company for promoting their business innovations using IT in fintech for banking and related technology.”

SBI has also set up a mentor team to monitor, support and report the progress and the utilization of the funds by the venture. The team will include experts from the industry to provide financial and legal guidance during the course of the project.

Bhattacharya spoke about the importance and benefits of collaboration between banks and fintechs, but called for a security framework to keep the risks in check.

“There also needs to be a suitable regulatory framework in place to address the associated risks: technology risks, cyber security risks, data theft risks, risks of transactions by unregulated financial and non-financial entitles,” said Bhattacharya.

The bank will cross-sell its products through collaboration with fintechs, informed Bhattacharya .

Share This Article!

Brian Pereira
Brian Pereira
Brian Pereira is an Indian journalist and editor based in Mumbai. He founded Digital Creed in 2015. A technology buff, former computer instructor, and software developer, Brian has 29 years of journalism experience (since 1994). Brian is the former Editor of CHIP India, InformationWeek India and CISO Mag. He has served India's leading newspaper groups: The Times of India and The Indian Express. Presently, he serves the Information Security Media Group, as Sr. Director, Editorial. You'll find his most current work on CIO Inc. During his career he wrote (and continues to write) 5000+ technology articles. He conducted more than 450 industry interviews. Brian writes on aviation, drones, cybersecurity, tech startups, cloud, data center, AI/ML/Gen AI, IoT, Blockchain etc. He achieved certifications from the EC-Council (Certified Secure Computer User) and from IBM (Basics of Cloud Computing). Apart from those, he has successfully completed many courses on Content Marketing and Business Writing. He recently achieved a Certificate in Cybersecurity (CC) from the international certification body ISC2. Follow Brian on Twitter (@creed_digital) and LinkedIn. Email Brian at: [email protected]
Recommended Posts
Why Landing On The Moon Is Difficult

Landing an uncrewed vehicle on the surface of the moon or any planet is not easy; space institutions have made multiple attempts after seeing their spacecraft crash on the surface.

Similar Articles

Return to Business as Unusual
Return to Business as Unusual

Remote working is no longer a benefit, luxury or convenience. It’s also more than a current make-do for organizations looking to conduct business as usual.