The Business Bytes
TBB BUREAU
MUMBAI, MAR 24, 2023
Public sector lender Bank of Baroda (BoB) has announced that it provides a comprehensive range of solutions to cater to the unique requirements of Indian startups. These services are provided through its IFSC branch in GIFT City, its extensive network in India, including 16 dedicated startup branches, and a strong international presence across 17 countries.
Bank of Baroda was one of the early entrants to set up operations in GIFT City. The Bank’s IFSC Banking Unit provides startups with a range of global banking solutions, locally such as Foreign Currency Current & Savings Accounts; Fixed Deposit in Foreign Currency; External Commercial Borrowing Loans; Trade Finance Facilities; Loans in Foreign Currency/ Syndication Loans and Transaction-based Internet Banking facility. BoB also offers Loan against NRE/FCNR Deposits and Loan against Deposits at the IBU.
The Bank’s IFSC Banking Unit in GIFT City is the first and only bank to provide transaction-based Internet Banking facility to its retail and corporate customers, including startups, in three major foreign currencies i.e. US Dollar, Euro and British Pound Sterling. This facility provides startups with 24/7 access to their accounts and the convenience and flexibility to conduct banking transactions and fund transfers with ease in a secure manner.
In addition, BoB has introduced “bob World Startup”, a special programme to cater to the requirements of Indian start-ups. The Bank has set up 16 dedicated startup branches across major startup hubs of the country viz. Gurugram, Delhi, Noida, Bengaluru, Chennai, Mumbai, Jaipur, Ahmedabad, Pune, Hyderabad, Chandigarh, Lucknow, Kolkata, Indore, Kochi and Rajkot to provide personalised services through exclusive relationship managers.
As part of the programme, startups will be able to choose from a wide range of products and services, including customised startup current accounts, forex services, state-of-the-art payment gateways, point of sale systems, cash management systems, corporate credit cards and business loans.
The Bank has also tied up with marquee service providers to provide non-banking services required by start-ups such as Cloud services, Accounting & Legal services, HR & Payroll services, marketing services and mentorship.
