RBL Bank opens Bengaluru branch exclusively for start-ups

Through the branch, RBL will offer startups banking services around foreign exchange, remittances and cash management

To tap the banking needs of the the burgeoning start-up sector in India, RBL Bank is launching branches that will cater exclusively to these such firms. It is the first such branch, the bank has setup in Bengaluru, the unofficial start-up capital of India.

Through this branch, RBL will offer start-ups banking services around foreign exchange, remittances and cash management. It will also facilitate registration, legal and tax formalities through verified partners, brought together as part of its Start-up Club programme. “Our rapidly growing innovative start-ups have demanded that we rise to the challenge and deliver services that are responsive to their fast evolving need. We have organised the Bank’s technical capabilities and speed of response to match this requirement,” said Narayan Ramachandran, Chairman of RBL Bank.

Apart from fulfiling the banking needs of start-ups, RBL Bank is also exploring the venture debt market in India. The bank was a limited partner in Trifecta Capital’s venture debt fund and is also focusing on wholesale lending, e-commerce and new-tech businesses. RBL is following in the footsteps of India’s largest bank, State Bank of India, which, a few months ago started its InCube start-up banking branch in Bengaluru.

It plans to open similar centres focused at start-ups in Delhi-NCR, Mumbai and Chennai, but did not share a timeline for the same.

“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.  We expect to have conversations about Application Program Interface (API) banking, large volume electronic payments ( IMPS/NEFT/RTGS), etc,” said Rajeev Ahuja, head of strategy at RBL Bank.

While RBL Bank is mimicking SBI, it says its core values are still online-first and that the physical branch was only a front where they could interact with customers. It plans to open similar centres focused at startups in Delhi-NCR, Mumbai and Chennai, but did not share a timeline for the same.