Banks will be encouraged to partner with startups: Finance secretary Rajiv Kumar

NEW DELHI: Finance secretary Rajiv Kumar on Wednesday said banks across the country will be encouraged to partner with startups and handhold them in “rewarding innovation”, as he launched a startup banking initiative by Bank of Baroda.

“This initiative will help in realisation of the needs of startups,” Kumar said at the launch here. "It’s going to spread across the country, across all banks,” he added.

Baroda Startup Banking is looking to make Bank of Baroda a preferred banking partner for the startup community. It aims to establish a connect with at least 2,000 startups over the next two years, the bank said in a statement.


The initiative is currently limited to startups that are registered with the Department for Promotion of Industry and Internal Trade (DPIIT).

Bank of Baroda will establish 15 startup branches that will offer tailor-made banking products and services keeping in mind the banking requirements of startups.