PNB opens first full-fledged startup branch, CEO says Bank ready to take care of their financial needs

New Delhi [India], August 27 (ANI): Punjab National Bank (PNB) opened its first branch focused on startups in Delhi on Wednesday, with more to follow across the country.
Alongside, the Bank also entered into an MoU with Software Technology Parks of India (STPI) to facilitate Indian startups with financial literacy and awareness, banking service needs, and registration with some financial institutions.
"We already had opened startup cells at different locations in the country, but today we have opened the full-fledged startup branch, and this concept we are going to do it in and implement it in the major centers in the country," Ashok Chandra, MD and CEO, PNB, told ANI.
Chandra said that STPI is going to play an important role because it has the good ecosystem and necessary infrastructure.
"We will leverage it and we will find out the way that how we can provide the financial literacy to startups," he said.
He lauded the government for the support they have been providing to the startups, particularly the credit guarantees of up to Rs 20 crore.
"It is exclusive for the startups. So now all those measures are in place, but that has to be brought out, and we should explain it to startup community," the CEO said. "PNB will play important role. So going forward you will see that many more branches like this we are going to open in the pan India."
"We are going to engage with STPI and we are also going to engage with the various incubator centers in the country... we are also in touch with IIT Delhi, IIIT and other institutions who are promoting the startups. I think (PNB) bank is well poised to take care of their financial requirements."
He doesn't see "any big challenges" in giving loans to startups. "Wherever there are viable proposals, definitely we can give the loan up to Rs 20 crore."
DG, STPI, Arvind Kumar, told ANI that the MoU signed today aims to facilitate startups and innovate new products.
"Somewhere we found that involvement of banking system was not much in the startup domain. We have investors, have mentors, have incubators, have accelerators. I think this will be the first of its kind model in the country, Wherein banking, Punjab National Bank will play a major role in the whole startup ecosystem...," Kumar added. he loan up to Rs 20 crore."
Asked about the impacts of Trump tariffs on the Indian economy, PNB CEO Chandra said it is too early to comment on the consequences.
"We need to examine this entire impact and how long it is going to continue. I think let us wait for some time and then you see the impact," he supplemented. In the same breath, he also noted that he doesn't see a major challenge as we advance.
"Whenever any such crisis has come world over, whether the 2008 crisis or the COVID, I think India has come out very, very successfully. We have grabbed the opportunity. So whenever such challenges comes, I think country like India, with the leadership that we have, I think we are going to seize that opportunity and come out successfully," he hoped. (ANI)