SBI for ecosystem for startups
SBI Chairman CS Setty on Tuesday pitched for creating an ‘ecosystem’ where banks can offer ‘equity support’ to startups in the country
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Mumbai: SBI Chairman CS Setty on Tuesday pitched for creating an ‘ecosystem’ where banks can offer ‘equity support’ to startups in the country. He said the government is also looking at a guarantee scheme where support for loans up to Rs100 crore will be provided to the startups.
“We need to work out an ecosystem where the equity support from the banking system is also available to the startups,” Setty said, speaking at the annual NTLF event organized by tech industry lobby grouping Nasscom here.
Banks are not allowed to offer equity support to startups at present, and can only offer debt support. Setty said the country’s largest lender has been active on the debt support front when it comes to startups.
