PNB opens first start-up branch to support entrepreneurs
What's the story
Punjab National Bank (PNB), a state-owned financial institution, has opened its first start-up-centric branch in New Delhi. The new branch is part of the government's Start-up India initiative and aims to promote entrepreneurship. It will provide a range of banking solutions to support innovation and growth among start-ups, PNB said in an official statement.
Strategic partnership
PNB signs MoU with STPI
Along with the branch inauguration, PNB also signed a Memorandum of Understanding (MoU) with the Software Technology Parks of India (STPI). The agreement aims to provide financial assistance to eligible start-ups. Under this partnership, STPI will share a list of incubated, onboarded, or graduated start-ups with PNB, helping them access the bank's start-up-focused schemes and financial products.
Bank's promise
Bank's partnership with STPI to strengthen financial solutions for start-ups
Speaking at the event, Ashok Chandra, Managing Director and CEO of PNB, reiterated the bank's commitment to supporting India's entrepreneurial aspirations. He said, "This dedicated start-up branch offers a comprehensive and one-stop banking solution tailored to start-ups." Chandra also emphasized that the bank's partnership with STPI would strengthen financial solutions for start-ups and help them grow.