Bank of Baroda signs MOU with STPI to support Indian entrepreneurs 

GUWAHATI: The Bank of Baroda has signed a memorandum of understanding (MOU) with the Software Technology Parks of India (STPI) and AIC STPINEXT Initiatives to support startups across India under its Baroda Startup Banking program.

15 dedicated startup branches are active under this initiative in Gurugram, Delhi, Noida, Bengaluru, Chennai, Mumbai, Jaipur, Ahmedabad, Pune, Hyderabad, Chandigarh, Lucknow, Kolkata, Indore, and Kochi, among other key startup centres.

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Key offerings under Baroda Startup Banking are as follows:

• Dedicated and trained bank officials viz Startup Champs and Relationship Managers who will be a single touchpoint
• Bouquet of tailored made banking products designed exclusively for startups
• Array of services provided at preferential rates by marquee service providers in the field of cloud computation, co-working spaces, taxation, accounting, legal, etc.

Speaking on the MoU, Akhil Handa, Chief Digital Officer, Bank of Baroda said “2020s is the decade of startups and as a leading financial institution, we are continuously working towards designing innovative banking products and services, which meets the unique and specialized banking requirements of startups. This has led to our partnership with STPI & STPINEXT, which have emerged as a one-of-their-kind enabler for innovative startups pan India. Through this partnership, we will together fuel the growth of the startup ecosystem in India.”

The Bank of Baroda (abbreviated as "The Bank"), founded on July 20, 1908, is a state-owned banking and financial services company headquartered in Vadodara (formerly known as "Baroda"), Gujarat, India.

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It is India’s leading public sector bank with a strong domestic presence supported by self- service channels.

The Bank’s distribution network includes 8,300+ branches, 11,600+ ATMs, Cash Recyclers supported by self-service channels, and over 23,000 Business Correspondents.

It has a significant international presence with a network of 96 branches/offices of subsidiaries, spanning 19 countries.

The Bank owns 98.57% of The Nainital Bank and has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank, and Baroda Gujarat Gramin Bank.

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