RBL Bank opens branch for startups

Private sector lender RBL Bank on Tuesday launched its dedicated branch for startups at Koramangala in the city.

Speaking about the new branch, RBL Bank Chairman Narayan Ramachandran said, “Modern startups need seamless technology, and speed and ability to get people to talk to them and reconcile issues faster. Also, we need to speak in the language they speak. We stand at the intersection of entrepreneurs, ideas, technology and banking services.”

When asked about the staffers, Rajeev Ahuja, head — strategy, RBL Bank said, “About 10-12 people who understand the startups mindset well will work in the branch. They will take care of startups’ specific requirements like trade and foreign exchange, among others. We expect to have conversations about Application Program Interface (API) banking, large volume electronic payments (IMPS/NEFT/RTGS) and receivable, among others, with startups.” Ahuja added that the bank has been working with startups for 3-4 years now, and this new branch is dedicated exclusively for startups.

Ramachandran said the bank recently launched India Startup Club (ISC), a fast-track programme to support early stage companies with a basket of banking services. He added that such dedicated branches for startups will be opened in other cities too, including the National Capital Region (NCR), Mumbai and Chennai.