RBL Bank opens dedicated branch for start-ups in Bengaluru

Three months after the State Bank of India opened its first branch dedicated to serving the needs of start-ups in Bengaluru, private sector bank RBL Bank (formerly Ratnakar Bank ), launched an exclusive branch for start-ups in Koramangala, on Tuesday. With this, RBL Bank becomes the first private sector bank to open a dedicated branch for start-ups.

The branch will assist entrepreneurs in setting up new companies/enterprises and offer a host of banking products, including foreign exchange services, remittances, cash management and a range of value-added services through its affiliates and partners.

Nandan Nilekani, former chairman of the Unique Identification Authority of India, inaugurated the branch.

“At RBL, we stand at the intersection of entrepreneurs, ideas, technology and banking services. We provide a full range of banking services to fast-growing start-ups in the language they speak — seamless technology, ease and speed. As an established bank in a renewed start-up avatar, we can empathise with the journey of our start-up clients and have organised the bank’s technical capabilities and speed of response to match their requirements,” said Narayan Ramachandran, Chairman, RBL Bank.

Stating that the start-up bank is not merely a branch where entrepreneurs will walk up and ask for a current account or a remittance, Rajeev Ahuja, Head – Strategy, RBL Bank, said the branch expected to have conversations about API (Application Program Interface) banking, large volume electronic payments (IMPS/NEFT/RTGS) and receivables, prepaid cards-based solutions, escrow services, Universal Payment Interface, Aadhaar-Enabled Payment System and Direct Money Transfer.

The bank is also focusing on industry-wise specialists in wholesale lending, e-commerce and new-tech business. It has identified a team of 8-12 professionals in the age profile of 32-34 years who are old enough to be domain experts and young enough to engage with start-up founders.

The bank also provides mezzanine funding for start-ups through partners and accelerator funds, up to ₹25 crore.

Earlier this year, RBL Bank launched the India StartUp Club — a fast-track programme to support early-stage companies with a basket of basic banking services to jumpstart their operations — that already engages with 112 start-ups. This includes a green channel for account setup, payroll services, cash management, trade and foreign exchange service, escrow accounts, transaction banking solutions, customised debit cards, and a dedicated hotline to address the 24x7 needs of these high-growth start-ups.