RBL Bank launches dedicated branch for startups

MUMBAI: RBL Bank (formerly Ratnakar Bank) will open specialized branches for start-ups offering a bouquet of banking products to service their end-to-end needs.
The first such branch was opened by the bank today at Koramangala in Bengaluru, home to several budding start-ups.

The dedicated branch will assist entrepreneurs in setting up new companies and offer banking services like foreign exchange, remittances and cash management.

The Branch will also provide a range of value added services including registration, legal and tax formalities through its affiliates and partners.

“This is not merely a branch where a startup entrepreneur will walk up and ask for a current account or a remittance; there will be all that and much more,” Rajeev Ahuja, Head – Strategy, RBL Bank said in a statement.

The bank expects to capitalize on Application Program Interface banking, large volume electronic payments and receivables, prepaid cards-based solutions and escrow services.

The newly introduced Universal Payment Interface, Aadhaar Enabled Payment System and Direct Money Transfers are also expected to generate conversations among start-up clientele.