SBI Signs MOU With KDEM for Special Financial Services

- Advertisement -

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.”

- Advertisement -

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.”


 

- Advertisement -

Most Popular Articles

Nishchay Pandey
Nishchay Pandey
Bioengineer with a knack for writing, I love IoT, Open-source and creativity.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Report Suggests India’s EV Sales Will Surge, Rising 66% In 2024

0
In 2023, sales of electric vehicles (EVs) in India almost doubled due to increased consumer interest, government actions, better infrastructure, and climate change worries....

Ascend Performance Materials: Pioneering Innovation in the Electronics Sector

0
Bridging material advancements in plastics and technological progress, Ascend leads with customised solutions for a safer, reliable and greener tomorrow. Q. How would you explain...

DigiKey Expands Portfolio With 3PEAK

0
This collaboration adds amplifiers, interface components, data converters, and more, catering to industries such as communication, industrial, medical, and automotive.  In a strategic move aimed...

Buzz

CleanMax Alliance With Apple To Boost Renewable Energy In India

0
These installations are anticipated to reduce approximately 207,000 tons of CO2 emissions over their operational lifespan. CleanMax announced a significant joint venture with technology giant...

Ramkrishna Forgings To Supply Powertrain Parts To Top US Electric Carmaker

0
Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time. Ramkrishna Forgings, an Indian supplier of rolled,...

Microsoft’s $1.5B AI Venture In UAE Stirs Global Interest

0
New partnership with G42 promises transformative AI advancements in emerging markets, impacting tech and geopolitics. Microsoft has announced a strategic $1.5 billion investment in UAE-based...

Important Sectors

CleanMax Alliance With Apple To Boost Renewable Energy In India

0
These installations are anticipated to reduce approximately 207,000 tons of CO2 emissions over their operational lifespan. CleanMax announced a significant joint venture with technology giant...

Ramkrishna Forgings To Supply Powertrain Parts To Top US Electric Carmaker

0
Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time. Ramkrishna Forgings, an Indian supplier of rolled,...

Tesla Power, E-Ashwa To Introduce India’s First EV With Fire Safety Tech

0
The partnership also expands to include the provision of after-sales support for electric vehicle customers by establishing a comprehensive network of sales and service...

Elektrobit Introduces EB zoneo GatewayCore Featuring Infineon’s AURIX TC4x

0
The EB zoneo GatewayCore is designed to connect hardware-dependent accelerators with the Classic AUTOSAR framework, providing adaptable support for intricate routing scenarios. Elektrobit, a premier...

Raptee’s Cell Chemistry Extends Battery Life, Says Dinesh Arjun

0
The Co-founder and CEO of Raptee disclosed that the company is currently sourcing its cells from a variety of countries. Dinesh Arjun, the Co-founder and...

Manufacturing

Ramkrishna Forgings To Supply Powertrain Parts To Top US Electric Carmaker

0
Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time. Ramkrishna Forgings, an Indian supplier of rolled,...

AVL And Red Bull To Create High-Density Fuel Cell Technology

0
The advanced technology, featuring ultra-high power density and a lightweight design, is said to be two-thirds lighter than traditional fuel cell systems. This partnership...

JJG Aero Secures $12 Million Investment From CX Partners

0
The Bengaluru-based aerospace components manufacturer intends to use the funds primarily to enhance vertical integration, increase production capacity at the new site, and support...

Tata Electronics Finalizes Semiconductor Agreement With Tesla

0
Ashok Chandak, the head of the India Electronics and Semiconductor Association (IESA), highlighted that Tesla’s initiative to establish a network of domestic suppliers for...

Sterling Tools Targets 40% of Sales from EV Business by FY25

0
This increase is anticipated to come from the EV business segment, which is integral to the company's strategy to diversify its operations. With a certain...