State Bank of India (SBI) is actively investing in startup-focused funds and financial market infrastructure through direct equity participation as part of its MSME strategy, a top official said on Saturday.
“We have been actively investing in startup-focused funds and financial market infrastructure through direct equity participation and schemes like Startup India, and banks in startup-intensive branches and business centres,” SBI managing director Ravi Ranjan said while addressing the ‘India by MSME’ event of UGRO Capital in Mumbai.
Highlighting the role of startups, he said, “As a code for the entrepreneurial spirit sweeping the new India, the startups are pivotal in accelerating MSME credit by driving innovation, fostering internet adoption, and creating basic employment and population scale with unicorns boosting technology governance, facilitating economic expansion for MSMEs.”
He further said the bank has started a startup hub in different cities and unmatched skill and digital progress have helped bring startups from getting funded through debt, equity, and government services.
The bank works on a hub and spoke model for assisting peripheral areas through dedicated verticals to ensure that the bank consciously lives up to the promise of priority sector lending guidelines linking startups under the habit of partnership, he added.
“Ensuring tie-ups with startups and fintech enterprises remain a priority area for SBI as these three implements are agility and resilience while helping to tap supply levels effectively,” Ranjan said.
At the same time, he emphasised that “compliance of prudential standards guidelines across governance and regulatory parameters remains a zero compromise in India”.
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