Indian Public Sector Bank Modify Investment Rules for Fintech Startups
India's largest public sector bank, State Bank of India (SBI) which has failed to invest in fintech startups despite earmarking funds, is now gearing up to modify rules that can kickstart the infusion, as reported a top company official.
The bank which has designated Rs 50 crore to invest in fintech startups is now going to modify rules to plough in more money that can favour the growth of more companies like online retailer Flipkart and ride-sharing app Ola, which define the country's dexterity.
Rajneesh Kumar, Chairman at SBI said over an event,
We are a public institution and investments in startups are generally considered very risky. We understand that traditional way of investing will not work.
Kumar has informed that bank already has a board-approved policy that promotes fin...