Bank of India – a major public sector bank with a significant domestic presence – has launched three special start-up centres through dedicated start-up focussed branches. The three start-up centres are located in Bengaluru, Mumbai and New Delhi.
The dedicated start-up branches are intended to facilitate the Central Government’s goal of promoting robust innovation and entrepreneurship through the start-up culture in India. Start-Up India is a flagship initiative of the Government of India, intended to drive sustainable economic growth and generate large-scale employment opportunities via start-ups. India is emerging as a hub for Start-up initiatives with more than 93,000 start-up entities already registered with the Department of Promotion of Industry and internal trade (DPIIT) to date.
These branches will offer all the necessary banking services to start-ups under one roof, serving as a hub for entrepreneurs in the start-up ecosystem and providing end-to-end financial services. The branches will have a special start-up desk with a Relationship Manager.
Bank of India, MD & CEO, Shri Rajneesh Karnatak, inaugurated the start-up desk virtually at two of these start-focussed branches on 24 July 2023 while being physically present to inaugurate the start-up branch at Turbhe, Navi Mumbai.
Speaking on the occasion, Shri Rajneesh Karnatak, MD & CEO of Bank of India, said, “Bank of India has given an in-principal approval for seven start-up branches today beginning with Mumbai, Bengaluru and Delhi. These start-up branches will add to the MSME book of Bank of India, which is the thrust area for our bank and the country.”
The three identified start-up-focused branches are:
· Bengaluru Main Branch in Bengaluru
· Parliament Street Branch in New Delhi
· Turbhe in Navi Mumbai
Bank of India has identified 9 more centres for start-up-focused branches. These centres will be operational in the near future. For decades, BOI has been the bank of choice for all sections of society while also being a pioneer in supporting innovation and entrepreneurship across the country.