Bangalore startups get a dedicated bank for their needs

BANGALORE, INDIA: There are not many banks in India, which offer specialized service for startups. To address the needs of the growing base of startups in Bangalore, RBL Bank has started of an exclusive branch for startups in the city.

The dedicated RBL branch at Koramangala will assist entrepreneurs in setting up new companies or enterprises and offers a host of banking products including, foreign exchange services, remittances and cash management.

The branch will also provide a range of value added services including registration, legal and tax formalities etc. through its affiliates and partners.

RBL Bank Chairman Narayan Ramachandran said, “We can empathise with the journey of our startup clients, and have organised the Bank's technical capabilities and speed of response to match this requirement.”

Rajeev Ahuja, Head - Strategy, RBL Bank, said, “This is not merely a branch where a startup entrepreneur will walk up and ask for a current account or a remittance.  There will be all that and much more.  We expect to have conversations about Application Program Interface (API) banking, large volume electronic payments ( IMPS/NEFT/RTGS) and receivables, prepaid cards-based solutions, escrow services, Universal Payment Interface (UPI), Aadhaar Enabled Payment System (AEPS), Direct Money Transfer (DMT) and so on.”

Earlier this year, RBL Bank launched India StartUp Club (ISC), a fast track program to support early stage companies with a basket of banking services to jumpstart their operations. This includes a Green Channel for Account Setup, Payroll Services, Cash Management, trade and foreign exchange service, escrow accounts, transaction banking solutions (API banking for managing various payment/receivable needs), Customised Debit Cards and a dedicated hotline to address the 24x7 needs of these high growth companies.

The non-banking solutions offered through referral partners of India StartUp Club include, enterprise registration services (online CA), office space/meeting room services, human resource management system, social media marketing and branding, and customer relationship management.