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Fed Bank launches Launchpad

Federal Bank is launching 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. Shyam Srinivasan, MD and CEO of the bank, said the bank has earmarked Rs 25 crore for the fund, which it would use to fund or lend to promising startups. The lounges, called Launchpad, with fast internet connections, support staff from the financial world and advisory mechanisms, would be the perfect breeding ground for future entrepreneurs, he added. 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.

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