A new competition has begun to create new customers among the country’s banks. In this order, the private sector major HDFC Bank has announced to open the startup zone in many branches. In the first phase, zones are being opened in 65 branches in 30 cities of the country. Under this, special attention will be given to the cities where the startup companies are the most. At the same time, they will be given the SmartBay platform of HDFC Bank so that startup can sell their products directly to customers. In this way, they will be able to reach up to four crore subscribers of HDFC Bank directly.
This service will provide working capital for small and medium enterprises for a period of nine months. Also, it will get loans in lieu of input credit under GST. SBI’s Chief General Manager V. Ramalinga says that this will solve the problem of working capital before the small businessmen.