Punjab National Bank opens its first startup branch in New Delhi

New Delhi: State-owned Punjab National Bank (PNB) on Wednesday inaugurated its first startup-centric branch in New Delhi.

Aligned with the Startup India initiative, this branch aims to promote entrepreneurship and supports innovation through services, including all facets of banking solutions, PNB said in a statement.

The branch inauguration was done in presence of Arvind Kumar, Director General, Software Technology Parks of India (STPI), and PNB MD & CEO Ashok Chandra.

Further, an MoU was signed between PNB and STPI to extend financial support to eligible startups, it said.

The MoU was signed by PNB General Manager Sudhir Dalal and STPI Director Subodh Sachan.

Under this collaboration, STPI will play a pivotal role by sharing a curated list of incubated, onboarded, or graduated startups with the bank, acting as a bridge between the startups and financial institutions to facilitate access to PNB's startup-focused schemes and financial products, it said.

Speaking at the occasion, Chandra emphasised an unwavering commitment to supporting the country's entrepreneurial aspirations.

"This dedicated Startup branch offers a comprehensive and one-stop banking solution tailored to startups. The bank's association with STPI will boost startup ecosystem for financial solutions that will fuel the growth of emerging entrepreneurs," he said.