Kerala-based private sector lender Federal Bank is opening incubation centers for startups in Bangalore and Ernakulam. These specialized lounges in the bank’s branches will offer advice on capital, regulatory support and even disburse funds.

• These lounges, named Launchpad – with fast internet connections, support staff from the financial world and advisory mechanisms – would be the perfect breeding ground for future entrepreneurs.
• The lounges would be manned by bank executives capable of dealing with the financial requirements of startups as well as local specialists who would be able to advise on regulatory issues.
• The bank is also mirroring HDFC Bank and SBI in integrating its platform with mobile payments application ‘Chillr‘.
• The addition that Federal Bank brings to the ‘Chillr’ application is that they would allow even non-Federal Bank users to instantly open a Federal Bank account through a selfie and an ‘Aadhaar’ identification number and allow them to receive payments through ‘Chillr’.

Did You Know?

The Federal Bank Limited is a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala. As on 19 October 2015, Federal Bank has 1251 branches spread across 24 states and 1526 ATMs across the country.

Federal Bank to Open Incubation Centres for Startups