The Karnataka Digital Economy Mission (KDEM) has partnered with India’s largest public-sector banking conglomerate, the SBI to support the start-up ecosystem of Karnataka. KDEM and SBI exchanged a Memorandum of Understanding (MoU) wherein SBI will be now partnering with the Fintech Innovation hub at Mangaluru and leveraging the CGTSME scheme to provide funding support to the start-ups in the state. The MOU is a first of its kind step for start-ups by any banking institution.
Exchanged in the presence of Dr Ashwathnarayan C N, Hon’ble Minister, Dept of Electronics, IT BT S&T, and Shri Rana Ashutosh Kumar Singh, Deputy Managing Director (Transaction Banking & New Initiatives), SBI & Shri Nand Kishore, Chief General Manager (Bengaluru Circle), SBI. The MoU was signed by Mr Sanjeev Gupta, CEO, KDEM, and Shri S. Radhakrishnan, General Manager, NW-I, SBI, Bengaluru Circle.
Congratulating KDEM and SBI on the MoU, Dr Ashwathnarayan C N, Hon’ble Minister, Dept of Electronics, IT BT S&T said, “Karnataka has already established itself as a leading state in the nation with a favourable start-up ecosystem supported by a robust policy framework and infrastructure. I am pleased that a huge public sector conglomerate such as SBI values the importance of building an enriching environment, that will elevate the state and the nation’s digital economy. I congratulate Mr Sanjeev Gupta and Shri Rana Ashutosh Kumar Singh for the signing of the MOU and for their support of the innovation hub in Mangaluru.”
Commenting on the MoU Exchange, Shri Rana Ashutosh Kumar Singh, Deputy Managing Director (Transaction Banking & New Initiatives), SBI said, “It is a great pleasure for us at SBI to partner with organisations such as the Karnataka Digital Economy Mission and the Government of Karnataka that is striving to build a world-class innovation hub and a robust start-up ecosystem that will inspire the nation. We believe that this is a fitting partnership as we can converge our financial acumen with KDEM’s platform and reach that will together become a gamechanger for the industry.”
Speaking at the MoU exchange, Shri B V Naidu, Chairman, KDEM said, “KDEM has always strived to be an enabler of change and innovation in Karnataka’s start-up journey. This MOU will add another flavour of comprehensive financial services available to start-ups. SBI has shown keen interest in the opening of the start-up branches in the emerging tech clusters like Mangaluru, Mysuru, and Hubballi in the next 3-6 months. I am happy that SBI has shown keen interest in participating in our cluster seed funds which is the first of its kind in India.”
Commenting on this partnership, Dr E V Ramana Reddy, ACS, Dept of Electronics, IT BT S&T, said, “This is a significant moment for SBI and KDEM, coming up with a unique platform that empowers the innovation ecosystem of Karnataka for the financial services. SBI will also be supporting the fintech task group and be an important partner in executing the strategies for making Karnataka the world’s leading fintech hub.”
Mr Sanjeev Gupta, CEO, KDEM while signing the MOU said, “Now that we have SBI, India’s largest public-sector bank supporting Karnataka’s start-up ecosystem, I am confident that Karnataka will be the Fintech hub of the world and also aspire to be the top 5 start-up ecosystem of the world. SBI providing dedicated financial services for start-ups will now create a growth to the start-up ecosystem in beyond Bengaluru clusters as well.”