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Federal Bank launches start-up fund

Federal Bank is launching a start-up fund with an initial capital of Rs 25 crore. According to news reports, the bank will use this fund to finance small-ticket projects that loojs for funding of up to Rs 10 lakh. According to Shyam Srinivasan, MD and CEO of the bank, the fund is intended not just in the area of finance and it can be in any field, including agri-related technology, healthcare, logistics, etc. The objective is to promote entrepreneurial ideas, he added. He added that the fund’s initial corpus of Rs 25 crore would be scalable, depending on the experience. The bank will initially start with Kerala and GUjarat as the target area and scale it up depending on response. The bank had earlier forged a tie-up with Startup Village, a business incubator, for the FinTech Accelerator program, under which it aims to launch digital applications regularly. The bank has also created a digital vertical to come up with solutions for improving customer convenience.

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