SBI initiates ‘InCube’ a special branch for Startup banking and financial needs in Bangalore. SBI InCube will deliver tailored made financial and banking solutions to cater to the needs of entrepreneurs. Be it a custom banking solution or investment advice in every stage of a Startup’s journey, the InCube is all out there for startups!
While announcing ‘InCube’ SBI Chairman stated:
“Basically, SBI InCube is a place where they (entrepreneurs) can come and discuss the requirements needed for setting up a company, get their current accounts opened, and help them understand concepts like a company’s articles of association.”
SBI does not include business setup loans under this plan because startups don’t qualify for commercial bank loans.
At InCube, startups will find:
Seasoned relationship managers, who will fetch best-fit banking solutions for startups.
A wide range of financial products and services at competitive price points.
One stop online and mobile banking solution for entrepreneurs.
One stop solution that simplifies receivables and payables management.
Advise on Tax, Forex and Compliance formalities.
InCube also has counselling and advisory services which try to answer these entrepreneur questions:
Which registrations/approvals are essential to start a business?
When do I need CIN/TIN/TAN?
How can I optimize the use of business finances and funds?
What are the business’ tax compliances? It’s indeed a great initiative from India’s largest bank, we feel other banks will also follow suit soon.