RBL Becomes 1st Private Sector Bank To Open Dedicated Branch For Startups

The RBL Bank (formerly Ratnakar Bank) has became the first private sector bank in India to open dedicated branch for startups. The branch was inaugurated at Koramangala, Bengaluru, by Nandan Nilekani, noted entrepreneur and former chairman of Unique Identification Authority of India. The Chairman of RBL bank Mr. Narayan Ramachandran and the head of the bank Mr. Rajeev Ahuja were also present on the occasion.

The exclusive branch 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 legal and tax formalities, registration etc. through its affiliates and partners.

On the occasion Mr. Rajeev said that 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. They also 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 has launched India StartUp Club (ISC), a fast track program to support early stage companies with a basket of banking services to jump start their operations. This includes a Green Channel for Account Setup, Payroll Services, Cash Management, trade and foreign exchange service, escrow accounts, transaction banking solutions, Customized Debit Cards and a dedicated hotline to address the 24×7 needs of these high growth companies.

Extra Info : 
The RBL Bank headquartered in : Kolhapur, Maharashtra. 
Founded in : August 1943

So now let’s discuss some questions related to this article which can be asked in the upcoming exams :
1. Name the private sector bank, which has opened a dedicated branch for startups ?
2. Where the RBL bank has opened its dedicated branch for StartUps ?
3. Where is the headquarter of the RBL Bank ?

Courtesy : India Infoline

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