Private sector HDFC Bank has announced the launch of SmartUp zones in its branches across India, an initiative for providing tailor-made banking and advisory solutions to start-ups through these SmartUp zones.
Launched by NITI Aayog Additional Secretary Yaduvendra Mathur, SmartUp zones is dedicated to start-ups and will be launched in over 65 branches in 30 cities across India, including tier 2 and 3 cities that are emerging as startup hubs in its first phase.
“We have now completely revamped our offering for start-ups. Our aim is to become the Go-to Bank and preferred banker in the start-ups community. Numbers will follow,” said Smita Bhagat, Head of E-Commerce and Branch Banking, HDFC Bank, reported BusinessLine.
“We identified this as a very big pain area for start-ups and so are helping them out. Our SmartUp zones will provide end-to-end solutions for start-ups,” added Bhagat.
These startups will be able to tap into the knowledge and experience of a complete network of startups, while simultaneously offering their services to this universe. This initiative is part of a larger effort by HDFC Bank to create an ecosystem to nurture the spirit of innovation and enterprise in the startup space.
Two-and-a-half years ago, HDFC Bank had started engaging with Start-ups through a product called ‘Smartup’, providing vanilla banking products and freebies. Now, it has added a number of value-added services like SmartUp portal, advanced legal advisories, and industry-academia interaction, among others.
Through a Smartup portal, start-ups will be able to tap into the knowledge and experience of a complete network of start-ups while simultaneously offering their services to this universe.
Start-ups will also have access to HDFC Bank’s SmartBuy platform, which allows them to market their product to the general public. They will be able to showcase their products to over 40 million HDFC Bank customers.
Of late, the banking sector has shown their deep interest in emerging startups of India. YES BANK, India’s fifth largest private sector bank has announced the second cohort of its Accelerator Program YES FINTECH for Fintech startups across the world.
The nation’s largest lender State Bank of India is creating country’s largest innovation centre in Navi Mumbai investing around Rs 100 crore. It will have 40 dedicated zones for each technology like blockchain, artificial intelligence, and machine learning, among others.