Banks & Entrepreneurship in the Great India Story
As the battle for inviting funds increases, most banks across India are doing their best to bring investors into their fold. Most focus on the strength of their features, while some like the State Bank of India hype their services, customer focus, reach, etc. inspite of their rather basic interiors.
Trying to open a current account in the State Bank of India however is another story:
At a time when the world talks of double digit growth, and the spirit of entrepreneurship in India, the State Bank of India, in a time warp, lists out a series of documents necessary for opening a current account – enough to give you the distinct impression that they would rather that one does not open a current account with them … and I didn’t. I wonder what their reaction would be had I gone for a loan. Is it only big ticket established players who would be able to open an account in one of India’s largest public sector banks?
Given the experience I had with them in opening a current account, it would seem as a serious deterrent to entrepreneurship here in India, considering that a bank account is one of the essentials for a startup.
I remember an American who I had once worked with on a project, marveling at the entrepreneurial spirit in India. I wonder what he would have to say about this.
What would you?
Filed under: Entrepreneurship