Federal Bank, one of the premier private sector banks in the country, today launched ‘Launchpad’, an exclusive outlet for start-ups. Started initially in Bangalore and Kochi, ‘Launchpad’ will be a one stop facility providing a range of advisory services in addition to customized banking offerings to budding entrepreneurs who wish to set up start-up ventures in diverse sectors like Digital Financial Services, Biotechnology, Hi-Tech Farming, Healthcare, Logistics, E-Commerce/E-Markets etc. The initiative is in alignment with the Start-Up India initiatives of the Government of India.
Shri Sanjay Vijayakumar, Co-Founder & CEO, MOBME Wireless and Chairman, Startup Village inaugurated ‘Launchpad’ at Kochi, which is located within the premises of the Federal Bank branch at Kundannoor. Shri Sunny K P, Addl. General Manager & Strategic Initiative and Optimization Head, Shri K I Varghese, CGM and Kerala Network Head and senior executives of the Bank attended the function. The outlet at Bangalore, which will function within the premises of the bank’s branch at St. Marks Road, will be opened shortly.
These outlets offer counselling and guidance on key aspects involved in setting up of start-ups like registration, regulatory compliances, investments and accounting, Intellectual Property Protection, trading and taxation. ‘Launchpad’ will also provide customized banking offerings for Start-up ventures to run their business seamlessly which includes exclusive Startup Account, digitally powered Payroll accounts, payment/collection solutions and Forex services, apart from facilitating space and required infrastructure to needy startups to incubate their ideas. The Bank has plans to open ‘Launchpad’ in more locations in the coming months.
The Bank will also consider investing in eligible start-ups with innovative ideas, potential for high growth and ability to bring socio-economic impact. Federal Bank is one of the very few banks to have created a Corpus exclusively for investment in Start-ups.
Federal Bank is a winner of the prestigious IDRBT Banking Technology Excellence Award 2014-15 in the mid-sized banks segment for 'Best Bank for Digital Banking, Analytics and Big Data'.
About Federal Bank:
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,548 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22 Lakh Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.
Courtesy by www.newsvoir.com
