State Bank of India (SBI) and Karnataka Digital Economy Mission (KDEM) signed an MoU Friday to open the country's first startup branch. The 'SBI Startup Hub' will be at Koramangala, Bengaluru. The branch will open in August. C N Ashwath Narayan, Karnataka's IT Minister, signed the MoU. Narayan stated, "This MoU will strengthen the state's startup scene. In the next six months, SBI will open branches in Mysuru, Mangaluru, and Hubballi-Dharawada." As per this MoU, SBI would create a framework for startups recognized by the Karnataka government and supported by KDEM to get time-bound credit based on the purchase order, the minister added. He claimed KDEM would open a Fin-tech hub in Mangaluru. SBI will share information and provide funding for the planned Innovation centre. Narayan is confident that the relationship between KDEM and SBI will aid companies by offering access to financial facilities like cash, credit, etc. The state plans to help startups by using the CGTMSE scheme to grant loans of up to Rs 2 crore for micro and small firms, he said. Some of Karnataka's 13,000 businesses lack funding. The MoU between KDEM and SBI would aid credit access. It helps examining opportunities to extend CGTMSE loans to qualifying enterprises. Rana Ashutosh Singh, SBI's Deputy Managing Director (Transaction Banking & New Activities), said the state government's initiatives encouraged SBI to build a dedicated branch to give cluster seed funds.
#kdem #sbi #startup
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