GET Stock QuotesNews18 APP
News18 English
»
1-min read

SBI to Modify Rules for Startup Investments

A top official of the bank said that they had earmarked Rs 50 crore to invest in fintech startups but will be modifying the rules in order to plough-in the money.

News18

Updated:June 3, 2018, 4:58 PM IST
facebookTwittergoogleskypewhatsapp
SBI to Modify Rules for Startup Investments
SBI has a board-approved policy to support the fintech sector. (Reuters)
Loading...
Mumbai: Country's largest lender SBI, which has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kickstart the infusion, a top official has said.

"We are a public institution and investments in startups are generally considered very risky. We understand that traditional way of investing will not work," chairman Rajnish Kumar told PTI on the sidelines of an event here over the weekend.

He said the bank, which has earmarked Rs 50 crore to invest in fintech startups, will be modifying the rules in order to plough-in the money.

"We want to spend the money which we have earmarked," Kumar stressed, adding that it is keen to create more companies like online retailer Flipkart and ride-sharing app Ola, which define the country's prowess.

Kumar said SBI has a board-approved policy to support the fintech sector, which has passed the necessary oversight bodies like Central Vigilance Commission.

He said the bank has been able to make progress on two other aspects of the fintech engagements, including procuring goods from such startups and also playing an active role with the ecosystem through collaborations.

Kumar said the bank is also planning to invest Rs 25 crore to set up a collaborative innovation centre in the satellite city of Navi Mumbai to promote latest technologies.

The bank, which has 430 million customers or a third of the country's population, has worked with over 150 startups till now on various cutting-edge technologies including chatbot, data analytics, etc, according to him.

The lender has held five editions of hackathons to collaborate and search for the best solutions, Kumar said.

At present, the entire bank runs from its global technology centre at Belapur in Navi Mumbai.
| Edited by: Aditya Nair
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Kotak Mahindra 1,198.35 -6.35
Reliance 1,090.25 -3.84
Sun Pharma 399.00 -2.98
CPSE ETF 22.32 -0.80
Yes Bank 165.65 -0.33
Company Price Change %Gain
Reliance 1,088.50 -3.95
Kotak Mahindra 1,198.15 -6.56
Yes Bank 165.35 -0.45
Sun Pharma 398.85 -3.03
CPSE ETF 22.33 -0.76
Top Gainers
Company Price Change %Gain
IOC 134.35 3.55
BPCL 330.25 1.49
HPCL 226.70 0.85
Coal India 238.15 0.59
Maruti Suzuki 7,350.50 0.50
Company Price Change %Gain
Coal India 238.60 0.76
Maruti Suzuki 7,350.10 0.49
Top Losers
Company Price Change %Gain
Kotak Mahindra 1,198.35 -6.35
Indiabulls Hsg 686.60 -4.22
UltraTechCement 3,776.55 -3.97
Reliance 1,090.25 -3.84
Adani Ports 359.15 -3.83
Company Price Change %Gain
Kotak Mahindra 1,198.15 -6.56
Reliance 1,088.50 -3.95
Adani Ports 359.35 -3.85
Asian Paints 1,272.70 -3.48
Tata Motors 156.85 -3.45

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results