Bank of Maharashtra opens first dedicated branch for startups in Pune

Opening of its first dedicated branch for startups will begin a new vista for the bank and also for startups in Pune city and Maharashtra state, BoM MD and CEO AS Rajeev said.

State-owned Bank of Maharashtra (BoM) on Friday said it has opened its first dedicated branch for startups in Pune.

The dedicated branch will provide all kinds of support to a startup during its growth journey, BoM said in a statement.

During the inauguration, BoM MD and CEO AS Rajeev said, "India is one of the growing hubs for startups and unicorns in the world. It is imperative for us to start our own dedicated branch for startups, where we shall cater to all their needs -- right from the inception to the issuance of IPO/FPO".

Pune is strategically important for us to venture into, considering the technological and industrial advancement of the city and the expertise the bank has, the lender said.

This will begin a new vista for the bank and also for startups in Pune city and Maharashtra state, he added.

Speaking at the occasion, BoM ED Asheesh Pandey said startups are entrepreneurial ventures in an early stage of business operation, which if properly nurtured, becomes an integral pillar of economic growth and employment generation while satisfying evolving needs of its clients with innovation.

There are so many startups in the country, which have become global names and added glory to the nation's progress, the lender said.

India is the largest talent pool in the world, and youth energy is the driving force of the nation, it added.

"As the Amrit Kaal is upon us driven with Atmanirbharta, startups and youth energy are the best bet where we can invest. A vibrant startup ecosystem is a roadmap to achieve Atmanirbhar Bharat in totality," Pandey said.

During the event, BoM signed a pact with SIDBI venture capital for proactive financing of startups.