The largest banking and financial services in India by assets, State Bank of India has announced a new wealth management service-becoming the first public sector bank to do so. The wealth management service has so far been dominated by private and foreign entities but SBI made history yesterday by entering into the same sphere to cater the growing opulent section of the country. At the same time, the bank has also launched branches to cater startups as the current trend leads towards a vibrant startup eco-system.
Their wealth management service and first branch for startups will begin from India’s IT capital- Bengaluru. The bank’s Chairman Ms. Arundhati Bhattacharya said that the bank immediately will not offer financial assistance to start-ups but will rather offer advisory and mentorship services such as establishing a company for tax related issues.
The bank is on a process of modernization to stronger its operations, growing its retail business because for quite some time it is experiencing sluggish growth, to compete with the new private players whose profits are much higher than SBI.
The wealth management service namely ‘SBI Exclusif’ will offer various aspects of wealth banking like the ‘e-Wealth Center’ which will deliver quality relationship management related services for extended hours. SBI customers will be able to make transactions as well as investment on digtal platforms like through internet and mobile phones.
The startup branch will be known as ‘SBI InCube’ through which the bank will assist, mentor and counsel new entrepreneurs to set up businesses- the first in the country to do so.
(Source: The Hindu)