Bank of Baroda, one of the country’s largest public sector banks, signed a memorandum of understanding (MOU) with Software Technology Parks of India (STPI) and AIC STPINEXT Initiatives to support startups across India under its Baroda Startup Banking program.
Under this program, 15 dedicated startup branches are operational across the major startup hubs viz. Gurugram, Delhi, Noida, Bengaluru, Chennai, Mumbai, Jaipur, Ahmedabad, Pune, Hyderabad, Chandigarh, Lucknow, Kolkata, Indore and Kochi.
Key offerings under Baroda Startup Banking are as follows:
· Dedicated and trained bank officials viz Startup Champs and Relationship Managers who will be a single touch point
· Bouquet of tailored made banking products designed exclusively for startups
· Array of services provided at preferential rates by marquee service providers in the field of cloud computation, co-working spaces, taxation, accounting, legal, etc.
Speaking on the MoU Akhil Handa, Chief Digital Officer, Bank of Baroda said “2020s is the decade of startups and as a leading financial institution, we are continuously working towards designing innovative banking products and services, which meets the unique and specialized banking requirements of startups. This has led to our partnership with STPI & STPINEXT, which have emerged as one-of-their-kind enabler for innovative startups pan India. Through this partnership, we will together fuel the growth of startup ecosystem in India.”
Bank of Baroda was established on 20th July 1908 – it is a State-owned banking and financial services organisation, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.
Bank of Baroda is India’s public sector bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 8,300+ branches, 11,600+ ATMs, Cash Recyclers supported by self-service channels and over 23,000 Business Correspondents.
The Bank has a significant international presence with a network of 96 branches/offices of subsidiaries, spanning 19 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz.
IndiaFirst Life Insurance Company Limited and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.