(MENAFN- KNN India)
IDFC First launches zero-balance startup current account Mumbai, Nov 22 (KNN) IDFC First Bank, a private sector lender has decided to introduce a zero-balance startup current account along with products and solutions.
The bank aims to capture a substantial part of the startup banking segment for which it has partnered with Nasscom's centre of excellence to serve as a preferred banker for startups, reported Mint.
Led by Bhavesh K. Jatania, the startup banking division at IDFC First comprises 18 people and was set up about 10 months ago.
Jatania told Mint that we needed structures that were horizontal, helping startups throughout the lifecycle as traditional banking structures will not work with new-economy companies.
Startups are behaviourally different from MSMEs, he said that while some organizations treat startups as MSMEs.
For instance, under a working capital programme for an MSME, one would look for at least three to four years of existence and profitability. However, for startups, that would not work, he said.
(KNN Bureau)
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