The Punjab National Bank (PNB) has opened its first startup-centric branch in New Delhi to support Indian entrepreneurs and innovation through its services.
Meanwhile, the bank also signed a Memorandum of Understanding (MOU) with the Software Technology Campus of India (STPI) to promote financial literacy and awareness of banking services needs and register with some financial institutions, and said in a statement on Wednesday, August 27.
“We have opened startup cells in different locations in the country, but today we have opened a full-fledged startup branch, a concept we will be doing and implementing it in the main centers of the country,” said Ashok Chandra, MD.
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Chandra said STPI will play an important role because it has a good ecosystem and necessary infrastructure.
“We will use it and we will find ways to provide financial literacy to start-ups,” he said.
He praised the government for providing them with support to startups, especially credit margins of up to Rs 2 billion.
“This is unique to startups. So now all these measures are in place, but they have to be brought up and we should explain it to the startup community,” the CEO said. “PNB will play a big role. So, looking forward, you will see more branches that we will open in Pan India.”
He added: “We will interact with STPI, and we will also interact with various incubator centers in the country… We are also in touch with IIT Delhi, IIIT and other institutions that are promoting startups. I think (PNB) banks have maintained their financial needs well.”
He did not see any “major challenge” to lend to startups. “We can definitely offer loans up to Rs 20 crore to the loan as long as there is a viable advice.”
DG, STPI, Arvind Kumar told ANI that the signed memorandum of understanding today is designed to promote startups and innovate new products.
“Somewhere we found that the banking system was not involved much. We had investors, mentors, incubators, accelerators. I think this would be the first model of the same kind in the country, and the Punjab Bank National Bank will play an important role in the entire startup ecosystem,” Kumar added. “He has a loan of up to Rs 20 crore.”
Asked about the impact of Trump’s tariffs on the Indian economy, PNB CEO Chandra said it was too early to comment on the consequences.
He added: “We need to check the whole impact and how long it will last. I think let’s wait for a while and then you see the impact.” The same breath, he also noted that he didn’t see a major challenge as we move forward.
He hopes that whenever it is the crisis of 2008 or the common crisis, I think India has emerged very, very successfully. We have seized the opportunity. So as long as there is such a challenge, I think that countries like India, the leadership we think we have, I think we will take this opportunity and succeed. ”
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