Bank of Baroda has signed a memorandum of understanding (MOU) with Software Technology Parks of India (STPI) and AIC STPINEXT Initiatives to support startups across India under its Baroda Startup Banking program, the lender said in a release today.
The bank has made 15 dedicated startup branches operational across major startup hubs including Gurugram, Delhi, Noida, Bengaluru, Chennai, Mumbai, Jaipur, Ahmedabad, Pune, Hyderabad, Chandigarh, Lucknow, Kolkata, Indore and Kochi for the programme.
Under Baroda Startup, the bank will provide dedicated bank officials, and relationship managers who will act as a single touch point for the start up clients.
The bank will further provide specific banking products designed for startups and extend services at preferential rates by marquee service providers in the field of cloud computation, co-working spaces, taxation, accounting, legal, among others.
Commenting on the deal, Akhil Handa, chief digital officer at Bank of Baroda said, “2020s is the decade of startups and as a leading financial institution, we are continuously working towards designing innovative banking products and services, which meets the unique and specialized banking requirements of startups."
