Federal Bank is all set to open an incubation centers for startups in Bangalore and Ernakulam. These branches will offer advice on capital, regulatory support and even disburse funds in these specialized lounges.
These lounges centres named as Launchpad and are equipped with fast internet connections, support staff from the financial world and advisory mechanisms. These lounges would be the perfect breeding ground for future entrepreneurs because these lounges would be manned by bank executives capable of dealing with the financial requirements of startups as well as local specialists who would be able to advise on regulatory issues.
The bank is also mirroring HDFC Bank and SBI in integrating its platform with mobile payments application ‘Chillr’. The addition that Federal Bank brings to the ‘Chillr’ application is that they would allow even non-Federal Bank users to instantly open a Federal Bank account through a selfie and an ‘Aadhaar’ identification number and allow them to receive payments through ‘Chillr’.
According to the MD of Federal Bank they have a dedicated startup fund worth Rs 25 crore which we would like to use to fund or lend to promising startups and are also talking to three or four startups daily.
Extra Info :
MD of Federal Bank : Shyam Srinivasan
Headquarter : Kochi, Kerala
Branches : 1251
So now lets discuss some questions related to this article which can be asked in the upcoming exams :
1. Which bank is all set to open a startup incubation centres ?
2. Name the places where Federal Bank is going to open its startup incubation centres ?
3. What is the name given to its startup incubation lounges by Federal Bank ?
Courtesy : Economic Times