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SBI launches Rs 200-crore fund for fintech start-ups

The bank to consider assistance of up to Rs 3 cr to an Indian registered company for promoting their business innovations

SBI forms Rs 200 cr fund to invest in fintech start-ups

To support start-ups in the financial technology (fintech) space, State Bank of India has set up a Rs 200-crore fund. It will consider assistance of up to Rs 3 crore to a company registered in India for promoting their business innovations using information technology for banking and related activities, Arundhati Bhattacharya, chairman, said. It is named ‘IT Innovation Start-up Fund’. Investment in fintech companies in India touched $1.2 billion (Rs Rs 8,000 crore) in 2015, compared to $145.1 million (nearly Rs 1,000 crore) the previous year. Many multinational banks are ...