State Bank of India to modify rules for startup investments

Country’s largest lender State Bank of India, which has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kickstart the infusion. The bank, which has earmarked Rs 50 crore to invest in fintech startups, will be modifying the rules in order to plough-in the money. SBI has a board-approved policy to support the fintech sector, which has passed the necessary oversight bodies like Central Vigilance Commission. The bank has also been able to make progress on two other aspects of the fintech engagements, including procuring goods from such startups and also playing an active role with the ecosystem through collaborations.

Read more

You can leave a response, or trackback from your own site.

Leave a Reply