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State-owned Bank of Baroda announced that it is providing a range of solutions to cater to the unique requirements of Indian startups.
This announcement comes when a number of Indian startups have funds parked in the failed US-based Silicon Valley Bank and likely looking to transfer their money and derisk their assets. According to a release by the bank, these services are provided through its IFSC branch in Gujarat's GIFT City, its extensive network in India, including 16 dedicated startup branches, and a strong international presence across 17 countries. GIFT city (Gujarat International Finance Tec-City) was envisaged as an integrated hub for financial and technology services not just for India but for the world. 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 and Savings Accounts; Fixed Deposit in Foreign Currency; External Commercial Borrowing Loans; Trade Finance Facilities; Loans in Foreign Currency, among various other services. "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," the release said. It provides startups with round-the-corner access to their accounts and the convenience and flexibility to conduct banking transactions and fund transfers in a secure manner. In addition, the Bank of Baroda 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 -- Gurugram, Delhi, Noida, Bengaluru, Chennai, Mumbai, Jaipur, Ahmedabad, Pune, Hyderabad, Chandigarh, Lucknow, Kolkata, Indore, Kochi and Rajkot to provide personalised services. 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, 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 and Legal services, HR and Payroll services, marketing services and mentorship. (ANI)
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