SBI launches wealth management, startup bank

The State Bank of India (SBI) on Thursday formally launched its first exclusive startup bank branch SBI InCube and wealth management services SBI Exclusif.

"Introducing wealth management has been one of the bank's top strategic priorities, as we have a number of High Net worth Individuals (HNI)," the bank's chairman Arundhati Bhattacharya said.

SBI Exclusif will offer a dedicated relationship manager who will take care of all the banking and investment needs of its clientele.

"We believe that India today is an aspirational nation, there are a lot of people who are moving up the curve and they are too busy today to actually worry about looking after their wealth as well as wealth creation and generation and maintenance, so we hope to be able to do this job for such people," said Bhattacharya.

SBI Exclusif will be served by well experienced relationship managers and investment experts who have undergone extensive training with leading global institutions.

The new wealth management offering from the SBI will provide e-Wealth Center which can deliver relationship management services remotely for extended hours and enable customers to transact and invest on digital channels like internet and mobile.

Other SBI Exclusif benefits include a special wellness benefit card, top tier credit and debit cards, tax and legacy planning services and cash pickup/delivery services among others.

"Many startups get funding from abroad but they do not know what are the formalities they need to do before they can get this funding and utilise it. So we hope to be able to guide them in all of these matters," she said.

Run by an assistant general manager (AGM) and a team of three officers, InCube offerings also include a help desk and salary accounts. It will also maintain an e-mail addresses database of startups to send a monthly newsletter.

"Long felt desire for helping, guiding and counselling the new entrepreneurs in starting a new company/business enterprise, which so far was not available in the banking industry will be fulfilled," added Bhattacharya.